PF trustees turn down Dave panel proposals

Earlier, inaugurating the seminar Jatiya proposed a five-point package to optimize the benefits of a safety net fund for workers displaced due to industrial restructuring.

He said that the existing safety net provisions have proved inadequate in coverage and funding. quot;Schemes funded entirely by the government or where government is the majorcontributor such as the National Renewal Fund NRF may not be sustainable in the long run,quot; said the minister.

The first major requirement, said Jatiya, was payment of mandated and time-bound contributions of employers to the safety net fund.

Addressing the seminar, N Rangachary, chairman of the Insurance Regulatory Authority IRA said the comapanies entering the health insurance sector under the proposed liberalised atmosphere would be given favourable treatment. The IRDA Bill had provisions for this, he added.

He pointed out that despite investing 4.5 per cent of GDP in health care, people were not getting adequate benefit. Rangachary added that if a major part of money was used for having insurance cover, the problem of dependence of old people on others would be solved to a great extent.