Social Security

Topics: Pension, Social insurance, Retirement Pages: 8 (1438 words) Published: April 16, 2014


Social Security
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Social Security

Introduction
In Article 22 of the Universal Declaration of Human Rights, concept of social security was enshrined and protected. The article states that as a member of society, every individual has the right and claim to the social security. Therefore, individual is entitled to attain the social, cultural and economical rights. In simple words, signatories and participants concur that society should help individual in developing themselves and making most of the advantages with the help of authorities. Social security is defined as a particular social insurance program for retired and the immobilized persons. Its dimensions are broader in some countries, referring to the system, which provides economic security and financial aid to the people in time of certain risks.

Social Security system in America
The social security system is very broad and thorough program that provide benefits to millions of Americans each year. On 14 August 1945, President Roosevelt announced the Social security program. The primary idea behind the program is to provide a security to the people, who are immobilize, disabled and retired, thus unable of achieving a decent standard of living. In 2013, the total social security expenditures reached to $1.3 trillion and accounted for 37 percent of the total Federal spending (SSA.gov, 2013). The Social Security Act and the laws related to it, set up a number of programs that have the subsequent basic purposes: Provision of the necessary materials to individuals and families Protection of senior citizens and disable persons against their illness expenditure that may otherwise exploit all their savings To keep families united and together

To ensure the healthy and secure growth of children

Social Insurance Programs
The Old age, Survivors and Disability Insurance program is the major component of Social Security System. It is also the largest income program in the United States. The purpose of the program is to provide monthly benefits to people as their incomes reduce significantly after the retirement, in case of disability or demise. Almost all the jobs in the United States are covered under Social Insurance program. Workers fund the program by paying payroll taxes.

Unemployment Insurance Program
The program is operated to offer partial replacement income to regularly employed members, when they become unemployed unwillingly. To avail the benefits a worker must register at public employment office, must have an imposed amount of employment and earnings, and can work further.

Social Security system in Canada
Canadian social programs are planned to give support to citizens beyond the offerings of market. The Canadian Social security covers a wide range of programs. Canadian government allocates a large amount of money in terms of transfer payments to individuals. In 2009, the total transfer payment given by government to individual was $176.6 billion (Canada.gc.ca, 2011). Social security benefits in Canada comprise of two separate programs:

Old-Age Security
The Old-Age security program came into effect in 1952. The main function of this program is to provide benefits and support to senior citizens. The Old Age Security program is the government’s largest pension program and is financed by government revenues, which means citizens, do not pay into it directly.

Canada Pension Plan and Quebec Pension Plan
These programs pay and provide disability and retirement benefits in addition to the Old-Age Security. Applicants are supposed to contribute in pension plans, and then when they become eligible after retirement, they start receiving benefits. Quebec plan is exclusively for the residents of Quebec. Those applicants who are living abroad can also contribute according to their last place of residence.

Similarities
The Canada Pension Plan and US Social Security are both mandatory...
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