- Date : 12/03/2021
- Read: 2 mins
The recent budget has rightfully focused on women’s welfare. From unorganised labour force to women entrepreneurs to senior citizens, here is how it benefits you.
The COVID-19 pandemic and its economic aftershocks further impacted the gender-gap inequalities with respect to reduced economic opportunities and pay scales for women in the workforce. However, Finance Minister Nirmala Sitharaman, who presented her third budget this year, announced a few measures and schemes that are expected to improve the female Labour Force Participation rate (LFPR) by 1%-2%.
Here are some key takeaways from the announcement:
1. Women can now work in all shifts
Women across categories can now work both day and night shifts. The onus will be on factories, offices, and establishments to provide adequate security measures for women employees working night shifts. The FM estimates about 15 lakh women across various industries will benefit from this move.
2. Uniform wages and social security benefits
An estimated 6.7 million women displaced from the unorganised labour workforce will benefit from the application of the prescribed minimum wages (by ESIC), social security benefits, and the ‘One Nation One Ration Card’ scheme.
Related: 15 Safety tips for women moving to a new city
3. Welfare of tea workers
A major portion of the Rs 1000 crore fund allocated for the welfare of tea workers will be reserved for women workers and their children. The funds will be used to enhance the quality of women’s life and healthcare standards, and capacity building of their dependants by providing education and skill development. This move is expected to benefit 6.23 lakh women workers in Assam and West Bengal.
4. Boost for start-ups
The relaxation in procedural requirements to set up one-person companies (OPCs) will act as an incentive for women who have been planning to take the entrepreneurial route. Women are also eligible for preferential funding for greenfield enterprises under the Stand-Up India scheme.
Related: Why women-led start-ups are a better investment?
5. Better healthcare
The government has earmarked Rs 64,180 crore for healthcare under the PM’s Atmanirbhar Swasth Bharat Yojana. This includes the establishment of 17,000 rural and 11,000 urban health and wellness centres and integrated public health labs to strengthen all the three areas of healthcare delivery – preventive, curative, and wellbeing.
6. Senior citizens exempted from filing ITR
Women who are above the age of 75 and dependent on a pension or interest income have been exempted from filing their returns, thereby reducing their compliance burden.
Look at these 8 investment options for women for a happy retired life.