Wednesday, April 21, 2021

Op-Ed: Covid is an opportunity to make structural changes to our largest health insurance and pension schemes

Touted as “employee welfare” schemes since the 1950s, both have failed their clients since birthing and in COVID.

Covid reminds us that a modern state is a welfare state — governments worldwide launched 1,600 plus new social protection programmes in 2020. It also reinforces the importance of resources — America’s fiscal deficit this year is more than India’s GDP. While sustainable social security lies in raising India’s 138th ranking in country per-capita GDP, we make the case for three reforms to our biggest health insurance and pension schemes: The Employee State Insurance Scheme (ESIS) and Employee Provident Fund (EPF). Both have hostages rather than clients with no option to opt out or choose a competitor. Touted as “employee welfare”... Read More