social-security

Social Security

Social security means protection of the citizens and household.

Introduction

Social security is the protection that a society provides to its citizens and households. It gives access to health care and guarantees income security, specifically in old age cases, sickness, work injury, maternity and unemployment. In simple terms social security is a system in which the government pays money to a certain group of people which includes the sick, old aged, unemployed, etc.

Social security is generally referred to as the retirement benefits. Talking about India, the SOCIAL SECURITY SCHEME of THE NITI AAYOG (GOVERNMENT OF INDIA) is basically meant for security of workers after their retirement. It provides lump sum payment of provident fund, monthly pension and deposit linked insurance.

SOCIAL SECURITY is a ” pay as you go” system. Money paid by the current workers is used to pay the benefits for current retirees. Any money that remains goes into the SOCIAL SECURITY TRUST FUND, to be used in future years when the contributions would not be sufficient to cover all obligations.

SOCIAL SECURITY is both a system as well as a concept. It represents a system of protection of individuals who are in need. It is the duty of the state to provide a protective cover to the poor, the weak, and the deprived

social-security

WHY SOCIAL SECURITY

The work force of our country stands close to 400 million, but the existing arrangements of social security cover only 35 million. bridging the current wide gap is the need of hour. Strict measures are to be taken in a country with one of the fastest growing populations.

SOCIAL SECURITY is increasingly seen as an integral part of the development as a society. It helps to create a more positive attitude not just to structural and technological change but also to the challenge of globalization and to its potential benefits in terms of greater efficiency and higher productivity.

THE UNORGANISED SECTOR

The social security cover for the unorganized sector which can take care of the medical care, accident benefits and old age pension should receive priority attention. This sector comprises almost 92% of the country’s workforce. It is essential to provide maternity, old age pension and other benefits to workers of the unorganized sector.

IMPORTANCE OF SOCIAL SECURITY

SOCIAL SECURITY helps to support your family when you die and provide monthly benefits when you retire or you become severely disabled. It is a driving force when it comes to financial stability.

SOCIAL SECURITY systems ensure every citizen to lead a meaning-full life as a member of cultured society.

IMPORTANCE OF SOCIAL SECURITY

SOCIAL SECURITY is needed but with correct implementation rules. There are specific loopholes in this system which may vary from region to region i.e. the state should ensure that the people who are in actual need get to benefit from this scheme.

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