Every government provides financial assistance to the people with no or inadequate income, such assistance is referred to as social security.
In other words, social security also refers to the action programs of an organization intended to promote the welfare of people. The organizations provide assistance in form of shelter and food as well as promoting their health and well-being more so to segment of the society such as children, the elderly, the sick and the unemployed.
The main contingencies protected in social security include responsibility for the maintenance of children, suspension of earnings due to pregnancy and confinement and their consequences. The other main areas also include suspension of earnings due to an inability to obtain suitable employment for protected persons who are capable of, and available for work, suspension of earnings due to an incapacity for work resulting from a morbid condition, permanent or persistent inability to engage in any gainful activity, treatment of any morbid condition including pregnancy, as well as loss of support suffered by a widowed individual or child as the result of the death of the provider.
For one to receive social security benefits, they must enroll to one of the following basic categories based upon the record of their earnings, these include retirement, disability, dependents, and survivors benefits.
It is vital for people to enroll to retirement benefits program under social security if they want to get assistance once they retire from work. Employees of covered employment who serve the companies for sufficient number of years and who retired at the age of sixty-two are eligible for retirement benefits. The moment you reach the age of sixty two and have enrolled to retirement benefits program, you can be assured of getting the benefits. In some cases, one may want to receive the payments before they reach the full retirement age, in such a case, the amount of the benefit will be reduced by a certain percentage.
Social security also covers the disabled people in a country. It is worth noting that disability benefits is for those who met the work requirements and are considered disabled under the Social Security program’s medical guideline.
Social security also offer dependents benefits for people who have registered to the program. Dependents benefits was meant for people who as spouse of a retired or disabled worker who qualifies for Social Security retirement or disability benefits. The good thing about dependent benefits is that it is also entitled to minor or disabled children.
People who are spouses of workers who qualified for Social Security retirement or disability benefits,then they are entitled to survivors benefits including their children. The beneficiaries of the program qualify for the benefits based on their deceased spouse’s earnings record.