SOCIAL SECURITY

Social Security

Social Security

Introduction

The study is related to social security which particularly focuses on the aging and pensions that is the retirement plan. The social security system pertaining to pension aims to ensure people's basic need in all life situations. Social security can be divided into one income security and health services for the retired individuals.

Discussion

The income security in relation to social security is the formation of the statutory social insurance, assistance and grants for the benefits of the people. The social meaning of the statutory measures designed to safeguard the individual's livelihood through insurance. This social insurance covers the statutory pension, health insurance, accidents and unemployment insurance (Diamond, Lindeman and Young, 1996).

It can be said that the portion of social security benefits are based on the work and some of residence which also includes the gainful employment entitlement to benefits, the level of earnings which is determined by earned income. For that reason, these types of benefits are earnings related income and pensions related allowances. In addition to this, the income related benefits are funded by fees that are in a certain proportion to salary; however, there is also insured risk associated with this type of benefit. Furthermore, the state pays the basic allowance for the unemployed individual. Daily allowances to the minimum amount, guaranteed pension, pension and residence based benefits for not depend on the income. All retired individuals are entitled to certain conditions which include the minimum security for the funded amount mainly by taxes and other payments like custom duties. In addition to this, revenue of supply of funds is also supplemented by the contributions and support paid on different grounds (Achenbaum, 1988). Income support is a last resort option for those who would not receive an adequate supply of funds.

Illness and Pensions

When a person who ...