Introduction India is a socialist country. Therefore, social benefits that are governed by labour laws are regarded as sacrosanct. Social security schemes in India not only protect the employees but also their families by giving benefits in financial security and healthcare. These schemes guarantee long-term sustenance for families when the earning member retires, dies, or suffers a disability, thus helping insure the future and protect the interests of the employee. The various Labour Laws of…
The Employee Provident Fund is a scheme established under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952. It operates based on a mutual contribution by the employer and the employee towards a corpus that acts as a retirement fund of sorts. Social security as welfare for the elderly is based on a conception of social security programs as a solution to market failure. The argument is that the market fails to address the…