International Seminar on Social Security for Informal Workers Opens in New Delhi

The precarious situation of Social Security trust funds raises concerns for future retirees, with some experts suggesting that individuals should prepare for potentially reduced benefits by adjusting their retirement and savings plans. Michael Conrath from J.P. Morgan Asset Management emphasized the importance of planning for the worst-case scenario, as the trust fund is projected to deplete by 2034, which could leave retirees with no benefits. In addition, the ongoing discourse around social security is not limited to the U.S.; India is organizing an international seminar to address social security coverage for informal workers, highlighting significant progress in expanding social protection in the country. Union Minister Dr. Mansukh Mandaviya noted that India's social protection coverage has doubled in the past decade, covering 65% of the population with at least one benefit. The seminar aims to share strategies for improving social security for vulnerable groups and explore innovative solutions for extending coverage to informal workers. Both discussions reflect a growing recognition of the need for enhanced social security systems in light of economic challenges.