The role of social security schemes in promoting workers' welfare is analyzed from "summary" of Industrial Relations and Labour Laws, 6th Edition by S.C. Srivastava
Social security schemes play a crucial role in promoting the welfare of workers in any country. These schemes are designed to provide financial assistance to workers in times of need, such as illness, disability, or old age. By ensuring that workers have access to a safety net, social security schemes help to protect them from economic hardship and reduce the risk of poverty. In many countries, social security schemes are funded through contributions from both employers and employees. These contributions are used to finance benefits such as healthcare, unemployment insurance, and pensions. By pooling resources in this way, social security schemes are able to provide a level of protection that would be difficult for individuals to achieve on their own. One of the key benefits of social security schemes is that they help to reduce the vulnerability of workers to various risks. For example, by providing access to healthcare, social security schemes can help workers to maintain their health and productivity. Similarly, by providing income support in cases of illness or unemployment, these schemes can help to prevent workers from falling into poverty. Moreover, social security schemes can also play a role in promoting social cohesion and stability. By ensuring that all workers have access to basic rights and protections, these schemes help to create a more equal and inclusive society. This can help to reduce social tensions and promote a sense of solidarity among workers.- The role of social security schemes in promoting workers' welfare is essential for ensuring that all workers have access to the support and protection they need. By providing financial assistance in times of need and reducing vulnerability to various risks, these schemes help to create a more secure and stable environment for workers to thrive in.
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