Union Budget 2024-25 Allocations for Social Security Schemes Emphasize Inclusive Growth
February 2024
The Union Budget 2024-25 continued to prioritize social security, with significant allocations for schemes that directly benefit unorganized workers, such as the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). These budgetary provisions are critical for the funding mechanisms outlined in Section 4 of the UWSSA, 2008, ensuring the financial sustainability of schemes providing old-age protection, life, and disability cover. The emphasis on inclusive growth and 'Sabka Saath, Sabka Vikas' in the budget speech directly aligns with the UWSSA's objective of extending social protection to the most vulnerable segments of the workforce, reflecting ongoing government commitment.
UPSC Angle: Examine how recent budgetary allocations (e.g., Union Budget 2024-25) contribute to the effective implementation and expansion of social security schemes for unorganized workers under the UWSSA, 2008. (10 marks, 150 words)