Managing Social Security of Global Workforce

In the emerging socio-economic environment, the need for social security for the working class can never be over-emphasized. The increasing trends of small and nuclear families, lack of traditional social and family support arrangements and general longevity has placed the requirement of a robust and comprehensive social security system in the forefront. Compounding the gravity of the matter is the globalization of economic activities, specially the service sector. In addition to other factors, the availability of young, English-speaking and highly skilled workforce in some developing countries, ageing population of the developed world and the vast talented workforce in the fields of information technology, health, hospitality etc. in developing countries, are resulted into a noticeable migration of workforce from these developing countries to the developed countries. The conventional social security systems, which have been designed with a view restricted to the national boundaries, have not been able to address the issues and challenges brought up by this changing economic scenario. For instance, the contributions made to the social security schemes of the host country does not convert into any benefit to the employees in case of short term international assignments & projects as the social security systems have been devised for long term service conditions. Hence, the changing socio-economic landscape calls for a change in approach to the conventional social security arrangements. This theoretical study analyses the issues and challenges being faced in reference to the response of the social security systems to the changing scenario. Further an attempt has been made to analyse the steps taken by the governments in the light of challenges being faced.