93% Indians to hold jobs without social security benefits in 2017: WEF

New Delhi: The World Economic Forum (WEF) has warned that a staggering 93 percent of Indians will hold jobs without social security benefits in 2017 while creating employment will be a challenge too.

A report 'Global Risks Report 2017' of WEF released on Wednesday says that while economic inequality, societal polarisation and growing environmental dangers are the top risks facing the world over the next 10 years, India alone can see this year a staggering 93 percent holding jobs without social security benefits.

India has significant potential to reap a demographic dividend, but its limited capacity to create employment poses a serious challenge, the report said further.

"Between 1991 and 2013 the size of the working-age population increased by 300 million, yet the number of employed only increased by 140 million. By 2017, a staggering 93 percent of Indians will hold jobs without social security benefits.

"Solutions are being sought, as the government launches three mega social security schemes ? accident coverage, life insurance and pensions," it added.

On growing income inequality, the report said, "In India, the top 1 percent grew its share of the country's wealth from almost 37 percent in 2000 to 53 percent in 2016."

The WEF report also expressed concerns that trends such as rising income inequality and societal polarisation triggered political change in 2016 and could exacerbate global risks in 2017 if urgent action is not taken.

With Agency Inputs