<h3>Introduction to Social Security in India</h3> Social security in India encompasses a broad range of <a title="External website that opens in new window" href="https://energy.vikaspedia.in/viewcontent/energy/policy-support/renewable-energy-1/schemes-renewable-energy-1-1?lgn=en" target="_blank" rel="noopener" data-page-id="2732">schemes</a> and legislative frameworks designed to provide financial protection to individuals and their families against various contingencies such as retirement, illness, disability, and death. Managed by both federal and state governments, the system is divided primarily between the organized sector, which covers formal employment, and the unorganized sector, which includes daily wage earners and self-employed individuals. <h3>Mandatory Statutory Schemes for the Formal Sector</h3> <h3>Employees' Provident Fund (EPF)</h3> The Employees' Provident Fund is the primary retirement saving tool for the salaried class in India. Managed by the Employees' Provident Fund Organisation (EPFO), it requires a mandatory contribution from both the employer and the employee. The accumulated fund earns a competitive interest rate and can be withdrawn upon retirement or for specific needs such as housing or medical emergencies. <h3>Employees' State Insurance (ESI)</h3> The ESI scheme provides a multi-dimensional social security system tailored for workers in factories and establishments with 10 or more employees. It offers medical care to the insured person and their dependents, as well as cash benefits for sickness, maternity, and employment-related injuries. This system is administered by the Employees' State Insurance Corporation (ESIC). <h3>Retirement and Pension Frameworks</h3> <h3>National Pension System (NPS)</h3> Originally launched for government employees and later opened to all citizens, the NPS is a voluntary, defined-contribution retirement savings scheme. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). NPS offers various investment options including equity, corporate bonds, and government securities, allowing for long-term wealth creation with tax benefits. <h3>Atal Pension Yojana (APY)</h3> Aimed specifically at the unorganized sector, the Atal Pension Yojana provides a guaranteed minimum pension ranging from ₹1,000 to ₹5,000 per month after the age of 60. This scheme encourages workers in the informal economy to save for their old age through small, regular contributions. <h3>Government-Led Health and Life Insurance</h3> <h3>Ayushman Bharat (PM-JAY)</h3> Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana is the world's largest government-funded healthcare program. It provides health cover of up to ₹5 lakh per family per year for secondary and tertiary care hospitalization to over 12 crore poor and vulnerable families. This scheme aims to reduce the financial burden of catastrophic health expenditures. <h3>Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)</h3> PMJJBY is a one-year life insurance scheme renewable from year to year. It offers a life cover of ₹2 lakh in case of the death of the insured due to any reason, for a very low annual premium. It is available to people in the age group of 18 to 50 years having a bank account. <h3>Pradhan Mantri Suraksha Bima Yojana (PMSBY)</h3> Complementing the life insurance scheme, the PMSBY offers insurance against accidental death and full or partial disability. Targeted at the low-income segment, it provides coverage of ₹2 lakh for accidental death and ₹1 lakh for permanent partial disability. <h3>Social Security for the Unorganized Sector</h3> <h3>The e-Shram Portal</h3> Launched to create a comprehensive database of unorganized workers, the e-Shram portal assists the government in delivering social security benefits directly to migrants, construction workers, and gig workers. Registered workers receive a Universal Account Number (UAN), facilitating easier access to various welfare schemes. <h3>The Social Security Code, 2020</h3> The Social Security Code is a significant legislative reform that aims to consolidate and rationalize nine central labor laws. Its primary objective is to extend social security benefits to all employees and workers in both organized and unorganized sectors, including platform and gig workers who were previously excluded from formal protections. <h3>Conclusion</h3> India’s social security landscape is evolving rapidly to address the needs of a diverse and growing workforce. While the formal sector enjoys robust protections through EPF and ESI, the focus has shifted toward inclusive growth for the unorganized sector. By leveraging digital platforms and consolidated legislation, the government aims to ensure that every citizen has a safety net for a secure and dignified future.