More than one third of the population of the world is deprived of social security. Laws can reduce the vulnerability of those poor and socio-economically backward people and policies that protect their livelihood, increase their human capital and assist them in times of crises. Despite the serious need, developing countries are not able to implement adequate social security laws and policies. In developing nations, the implementation of social security laws is very difficult task due to the fact that capital and insurance markets are typically underdeveloped, budget restrictions are high and usually developing countries have traditional labour structures and large levels of poverty. In India there are four principal laws on social security, namely, the Employees’ State Insurance Act, 1948, the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (Separate provident fund legislations exist for workers employed in Coal mines and tea plantations in the state of Assam and for seamen), the Workmen’s Compensation Act, 1923, the Maternity Benefit Act, 1961 and the Payment of Gratuity Act, 1972. The Government of India announced a National Policy on Older Persons in January 1999 to ensure financial security, health care and nutrition, shelter, education, welfare, protection of life and property etc. for the well-being of older persons in the country. Recently, the Unorganised Sector Workers' Social Security Bill, 2007 has been introduced in Rajya Sabha with spectacular welfare provisions.
