Why insurance against job loss is necessary (rediff.com)

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If those rendered unemployed are to be given the NREG equivalent of Rs 60 per day for say, 300 days in a year, it works out to an annual payment of Rs 18,000. For every lakh persons rendered unemployed for the full year, this means an outflow of Rs 180 crore. Bring in the actuarial probability of this happening in each industry, divide the premium over the large work force, and the scheme could ...

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