India Workforce

The insurtech company Plum has released a comprehensive health report that includes alarming statistics about the state of healthcare in India’s corporate sector. The study, titled “Health Report of Corporate India 2023,” reveals a startling truth: India has one of the highest rates of medical inflation in Asia, with rates rising to a startling 14%. The financial burden on employees is apparent, as 71 percent of them personally pay for their medical expenses, a burden made worse by the rising cost of healthcare. According to a Niti Aayog report, just 15% of India’s growing workforce—which is expected to increase from 522 million in 2022 to an estimated 569 million by 2030—receives health insurance support from their employers. Remarkably, more than 90 million people are disproportionately affected because healthcare costs account for more than ten percent of their overall spending. Moreover, only 12% of businesses provide telehealth support, indicating a sizable gap in full-scope healthcare benefits. The survey also reveals alarming health behaviors among workers, with approximately 59% forgoing yearly physicals and an astounding 90% ignoring routine medical check-ups to keep an eye on their well-being. These numbers raise concerns about the possible long-term effects on people’s general health and well-being. The importance of prioritizing employee health was emphasized by Saurabh Arora, co-founder and CTO of Plum, who stated, “An average person spends 90,000 hours working. That’s almost a third of their life. Employee health should be a top priority for organisations, not only from a humanitarian perspective but also as a strategic investment in their workforce. Hence, just health insurance is not enough – companies should adopt comprehensive healthcare benefits that accommodate insurance, primary, and preventive care.” The well-being of the labor force in India depends on resolving these healthcare issues as the country’s workforce grows.