A Study On Employee Welfare Measures With Reference To Star Health And Allied Insurance Co Ltd

Introduction

“Welfare” is a broad concept referring to the state of living of an individual or group, in a desirable relationship with the total environment – ecological, economic, and social. Labor welfare includes both the social and economic contents of welfare. Social welfare is primarily concerned with the solution of various problems of the weaker sections of society like the prevention of destitution, poverty, etc.

It aims at social development by such means as social legislation, social reform, social services, social work, social action, etc. The object of economic welfare is to promote economic development by increasing production and productivity and through equitable distribution. Labor welfare is a part of social welfare, conceptually and operationally. It covers a broad field and connotes a state of well-being, happiness, satisfaction, conservation, and development of human resources.

Objectives Of Labour Welfare Activities

The object of welfare activities is to promote economic development by increasing production and productivity. The underlying principle is to make the workers give their loyal services ungrudgingly in a genuine spirit of cooperation, in return for obligations, voluntary and compulsory, accepted by the employees towards the general well-being of the employees.

Improving the efficiency of labor is another objective of labor welfare activities. Efficiency gives double rewards, one in the form of increased production and the other in the shape of higher wages due to the achievement of higher productivity. Welfare activities add to their efficiency and efficiency in turn helps the worker to earn more wages. Therefore, welfare activities in an organization are twice as blessed. It helps the employer and the employee both.

Industry Profile

The insurance sector in India has come full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

With the largest number of life insurance policies in force in the world, insurance is a mega opportunity in India. It’s a business growing at the rate of 15-20 percent annually and presently is of the order of around Rs 450 billion. Together with banking services, it adds about 7 percent to the country’s GDP. The gross premium collection is nearly 2 percent of GDP and funds available with LIC for investments are 8 percent of GDP.

Yet, nearly 80 percent of the Indian population is without life insurance coverage, and health insurance and non-life insurance continue to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old-age income security. This itself is an indicator that the growth potential for the insurance sector is immense.

Download A Study On Employee Welfare Measures With Reference To Star Health And Allied Insurance Co Ltd PDF