Understanding Social Security Legislation: Key Concepts and Objectives

Introduction to Social Security Legislation

  • Welcome to the session on Labor Law focusing on Social Security Legislation.
  • Importance of subscribing to the channel for updates.

What is Social Security?

  • Social Security is a system that protects individuals from risks like unemployment, sickness, and old age.
  • It provides income security, healthcare, and family support.

Objectives of Social Security

  • Income Security: Ensures financial stability during periods of risk.
  • Healthcare: Provides necessary health services.
  • Family Support: Offers benefits like maternity leave and survivor benefits.
  • Economic Stability: Aims to enhance the standard of living and individual independence.

Historical Context and Growth

  • The concept evolved post-Industrial Revolution due to economic inequalities.
  • Franklin D. Roosevelt coined the term "Social Security" in 1934.
  • The need for social security increased with urbanization and the decline of joint family systems in India.

Principles of Social Security Legislation

  1. Social Justice: Equitable distribution of benefits between employers and workers.
  2. Social Equity: Helps improve the social status of employees.
  3. National Economy: Promotes industrial growth and efficiency.
  4. International Standards: Adherence to guidelines set by the International Labour Organization (ILO).

Key Legislation in India

  • Workmen's Compensation Act, 1923: First legislation for worker protection.
  • Employees' State Insurance Act, 1948: Provides health insurance to workers.
  • Maternity Benefit Act, 1961: Supports pregnant workers.

Conclusion

  • Social Security legislation plays a crucial role in protecting workers and ensuring their rights.
  • Future sessions will cover specific labor laws in detail, including a Comprehensive Guide to Company Law: Key Concepts and Exam Preparation which will provide insights into the legal framework surrounding employment.
  • Encourage viewers to engage with the content and subscribe for more updates.

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