5 Must know Insurance and Social Security Tips for Expats
Bangalore: Are you an expat who is planning to settle in India? If so, India can be the best choice for you. India is not just a country which is rich in its history, diversity and culture, but it is also the country which can offer good opportunities and some of the best provisions for expatriates.
InterNations have come up with some basic information about how an expat can obtain social security as well as other opportunities in India.
1. Know the Basic Social Security
In India people rely on their family for any financial problems or any emergency situations. But now the scenario has changed, due to migration, urbanization, westernization and higher social mobility, family bonding is reduced and we find more number of nuclear families than joint families comparatively.
Since there is growing number of nuclear families India who mostly fall into the working class, the governments has come up with two major social security plans, The Employees’ Provident Fund Organization (EPFO), and The Employees’ State Insurance Corporation (ESIC).
The Employees’ Provident Fund Organization is a Provident Fund Scheme, Pension Scheme and an Insurance Scheme under the department of Ministry of Labour and Employment. People who fall under this category will get benefits in their old age, disability or incase of death of the earning person in the family. In terms of the number of people EPFO covers, it is recognized as one of the largest social security systems in the world.
On the other hand, The Employees’ State Insurance Corporation offers financial security and health insurance to for Indian workers who have a monthly income of less than 15, 000. Families which fall under this category get medical benefits from hospital throughout India.
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