Social Security Schemes and Standard of Living: A Causal Study on Informal Workers in India

This paper is aimed at ascertaining the influence of social security schemes on the standard of living among informal workers. Multinomial Logistic regression is used to ascertain the relationship between the standard of living and the social security schemes. The study revealed the influence of social security schemes on the standard of living of informal sector workers and effect size found to be 77%. The paper uses only the subjective indicator of measuring standard of living among informal sector workers. The influence of social security schemes on standard of living among workers illustrates the importance of government initiatives in improving the living standards. The government should take actions towards increasing the participation of workers in such schemes.