Reimagining Social Security for 21st Century India: A radical approach - Multi-Contributor Social Security (MCSS) system
Published July 25, 2024
Executive Summary
Our social security system suffers from inadequate coverage and financing, necessitating an urgent reimagining to broaden its reach and diversify its funding sources. A significant challenge lies in effectively connecting potential contributors with those in need of a social security safety net.
To address this, this paper proposes a Multi-Contributor Social Security system (MCSS). In this system, individuals can designate a bank account for MCSS contributions, which can come from various entities, including governments, employers, employees, philanthropists, individuals, and companies under CSR, with tax benefits for contributors. A key feature of this system is that contributors can search for and select recipients based on criteria such as age, income, and specific needs, and can specify the purpose of their contributions. Account holders can also broadcast the categories of their needs.
This reimagined social security system aims to simplify the process for contributors to discover and connect with intended recipients, creating a dependable social safety net that is not solely reliant on employers or the government.
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