History of Social Security of India: Social Security is a government-run program in many countries, including the United States, that provides financial assistance to people who are retired, disabled, or have lost a family member who was a breadwinner. The program is designed to help ensure that people have a basic level of income and financial security in their retirement years or in the event of disability or death.
In the United States, Social Security is primarily funded through payroll taxes, which are paid by both employees and employers. These funds are used to pay for retirement, disability, and survivor benefits for eligible individuals. The amount of Social Security benefits a person is entitled to receive depends on various factors, including their earnings history and the age at which they begin receiving benefits.
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History of Social Security of India
If you observe society anywhere in the world, Society is divided into two classes – one who has maximum resources and provides opportunities to others. Another class is deprived of resources and seeks opportunities to make lifestyle better. The first one is called the established class and the second one is called the Vulnerable class of society. From the beginning of civilization, it was supposed to be a moral obligation to provide help in terms of donation, security, fund and service to the vulnerable section established. This is called social services. In the mid-19th century, this moral obligation transferred to State and different institutions as a responsibility called social security.
Objectives of Social Security of India
- To achieve the goal of a welfare State
- To maintain the efficiency of workers
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Important Points of Social Security in India
- The first country that introduced Social Security Scheme was Germany (in 1883)
- The USA adopted the social security act in 1935.
- The first social security program was launched in Europe was “the compulsory insurance Programme”, also known as Insurance Europe.
- In 1952, India adopted the social security minimum standard convention the first time.
Concept and Definition of Social Security in India
It is the duty of society in general and the government in particular to ensure that nobody who has contributed to the growth of the nation in his good days is left alone to face the problems like sickness, accident, unemployment, disability, maternity and old age in his lean days. Under a Social Security System, these risks and eventualities can be managed through small contributions by all through a robust social security framework.
Definition of Social Security of India
Social Security means a program that requires the government to create a fund or system which can be used to make payments to people who are unable to work (and earn his livelihood) because of circumstances. Essential features of Social Security are that it is mandatory (by law), administered by the government and it has provisions of rights and enforcements. The social security paradigm is not a simple goodwill gesture or appeasement from the government to the citizen but a Right.
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Nature of Social Security of India
- Covers Life & Disability
- Provides Old age income security
- Gives benefits of Health care
- Provides Maternity Benefits
- Ensures minimum wages act
- Focus on workers’ Education & Training
- Gives unemployment security
- Enables Labour to search for a better opportunity, called Labour Market Regulations.
Problems and Challenges
- Coverage at Ground Level
- Implementation issue
- Delivery Mechanism
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