Employee Benefits in India 2021

GlobalData
47 Pages - GLDATA71615
$1,495.00

Summary

The Indian social security system only covers employees in the organized sector, which accounts for less than 10% of the country’s workforce. As the unorganized sector is continuously growing the Government of India has launched several social security measures related to healthcare, pension, and direct cash transfer schemes to people who do not have access to any formal scheme. As of November 2020, the Indian government is planning to bring 250 million workers from the unorganized sector under the social security system.

The report provides in-depth industry analysis, information, and insights of the employee benefits in India, including an overview of the state and compulsory benefits in India, detailed information about the private benefits in India, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in India.

Key Highlights

- The Ministry of Labor and Employment (DHS) is responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In India, employers provide voluntary retirement benefits to their employees through voluntary defined contribution.

Scope

This report provides a detailed analysis of employee benefits in India -
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in India

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in India.
- Assess India’s employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in India.
- Gain insights into key organizations governing India’s employee benefits, and their impact on companies.

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Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN INDIA
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Benefits
6.1.4 Payment options
6.1.5 Contributions
6.2 Death Benefits
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Contributions
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Contributions
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Contributions
6.6 Workers’ Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Contributions
6.8 Other Benefits
6.8.1 Unemployment Benefits
6.8.2 Leaves and Holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits
7.6 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: India - Country Statistics
Table 3: India - Retirement Benefits, Chronological Order of the Change of Wage Ceiling for EPF
Table 4: India - Indian Death in Service Benefits - Qualifying Service and Death Gratuity
Table 5: India - Retirement Benefits (Private Employees), Contribution Rates (% of Wages) to Benefit Schemes
Table 6: India - Fixed National and Public Holidays 2021List of Figures
Figure 1: India - Main Institutions of Social Security System

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