In a comprehensive fashion, present the various components of the National Social Security Program. Explain the...

In a comprehensive fashion, present the various components of the National Social Security Program. Explain the extent of its coverage and its membership. Explain how it is financed, how it pays benefits to its members. Dscuss its solvency. Provide your recommendations for long-term sustainability.

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Expert Solution

National social security program is a sponsored scheme of GoI to provide benefits to elderly, widows and person with disabilities. The program is fully funded by the central government.

It consists of 5 schemes:

At present, the total beneficiaries registered under the scheme are 35871609.

It possesses challenges to fiscal budget as the amount of allocation is increasing over the years.

For long term sustainability, government needs to address the loopholes in the scheme. One such loophole is the method of calculating BPL and people registered under BPL with false income certificates.

Rahul Sunny answered 1 year ago

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