Question

Write short notes on Social Security.

Answer 1

1. Social security is the protection society provides through public measures against economic and social distress caused by sickness, maternity, employment injury, unemployment, invalidity, old age and death.
2. To ensure social justice and welfare by providing public assistance and income support when earnings stop or fall substantially, thereby securing basic living standards.
3. Includes provident fund, pension schemes, gratuity, group insurance, maternity benefits and statutory programs like employees’ insurance schemes.
4. It is a public, collective and state-supported system; it is dynamic (changes with social/economic conditions) and covers multiple contingencies.
5. Protects individuals/families from poverty and loss of earnings, promotes social stability, and reduces vulnerability to life-cycle risks.