CURRENT AFFAIRS

Detailed explanation-1: -The Government of Nepal launched its contribution-based Social Security Scheme today. The contribution-based social security scheme is funded through the contributions made by the workers and the employers. This is a historical step towards achieving decent work for all.

Detailed explanation-2: -The expression appeared for the first time in a law in the Social Security Act of the United States that was enacted in 1935. At that time, the New Deal was implemented as countermeasures against the Great Depression, and it was urgently required to create economic security systems for the unemployed, etc.

Detailed explanation-3: -India has SSAs with Belgium, Germany, Switzerland, Grand Duchy of Luxembourg, France, Denmark, Korea, the Netherlands, Hungary, Finland, Sweden, Czech Republic, Norway, Austria, Canada, Australia, Japan and Portugal.

Detailed explanation-4: -Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) (Old Age Protection) Monthly contribution ranges from Rs.55 to Rs.200 depending upon the entry age of the beneficiary. Under this schemes, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government.

Detailed explanation-5: -Out of the employer’s contribution of 12%, an amount equal to 8.33% of salary (salary capped at INR 15, 000 per month in respect of Indian employees) is allocated to the pension fund of the employee.