What Is Social Security?
Social Security
[Writer’s Name]
[Institution’s Name]
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 …show more content…
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 …show more content…
However, these taxes should be progressive in nature i.e. only applicable on wealthy people in the society in this way it will not affect the whole society. To avoid any discrimination government should set a limit and anyone whose income is above the limit, should pay the tax for the betterment of the society. It will help in sustaining income equality among the members.
Government should aware the citizens about the importance of the program and encourage them to participate in it. It will be a good leap for the development of a healthy social security. It will also help in minimizing the account deficit of the social security program. Most important recommendation is that government should invest the funds in a best possible way so that it will help in obtaining more yields in return.
Conclusion
The social security program is very essential plan that benefits the common people, by lessening one of their foremost concerns as to how they will endure the post retirement period. Keeping this program intact and well functioned will not only help the society avoiding poverty, but in the time of economic despair, it will help poor citizens in maintaining and spending a decent life with financial freedom. In this regards, contract between US and Canada is also very crucial and helps the people to obtain benefits in any country.
[Writer’s Name]
[Institution’s Name]
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 …show more content…
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 …show more content…
However, these taxes should be progressive in nature i.e. only applicable on wealthy people in the society in this way it will not affect the whole society. To avoid any discrimination government should set a limit and anyone whose income is above the limit, should pay the tax for the betterment of the society. It will help in sustaining income equality among the members.
Government should aware the citizens about the importance of the program and encourage them to participate in it. It will be a good leap for the development of a healthy social security. It will also help in minimizing the account deficit of the social security program. Most important recommendation is that government should invest the funds in a best possible way so that it will help in obtaining more yields in return.
Conclusion
The social security program is very essential plan that benefits the common people, by lessening one of their foremost concerns as to how they will endure the post retirement period. Keeping this program intact and well functioned will not only help the society avoiding poverty, but in the time of economic despair, it will help poor citizens in maintaining and spending a decent life with financial freedom. In this regards, contract between US and Canada is also very crucial and helps the people to obtain benefits in any country.