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Labour ministry to build Rs 20,000cr social security fund for unorganised sector

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The labour ministry is in talks with the corporate affairs ministry to build a social security fund worth Rs 20,000 crore for unorganised workers.

The fund will be used to provide benefits to more than 80 percent of professionals from the unorganised industry that consists of around 500 million workers, the report stated. The benefits include pension, maternity, insurance and so on.

Moneycontrol could not independently verify the report.

The central government will administer the works from the unorganised sector in the social security code, introduced earlier in the recent winter session of Parliament.

The corporate affairs ministry controls the corporate social responsibility (CSR) norms as the fund is planned to be constituted with corporate contributions. 

A government source told the newspaper that the labour ministry would press for CSR to include such contributions. 

Indian companies that have a net profit of at least Rs 5 crore, or a turnover of at least Rs 1,000 crore, or a net worth of at least Rs 500 crore, have to spend two percent of their average net profit of the preceding three years on CSR activities, as per the Companies Act.

Under CSR activities in the last four years until June, more than Rs 52,533 crore have been spent on causes like environmental sustainability, sanitation, healthcare and education. Indian companies spent the maximum amount on education (Rs 15,742 crore) followed by healthcare (more than Rs 9,093 crore).