Social security system,
Definition of Social security system:
Government program aimed at providing basic needs to citizens who are retired, unemployed, or unemployable due to a disability or disadvantage. It is funded usually by mandatory payroll contributions (typically 5 to 8 percent of a paycheck) from both the employees and the employers, and from the governments tax revenue.
How to use Social security system in a sentence?
- The country of Switzerland has a social security system that is one of the most complete and generous in the world, and yet they are very prosperous even so.
- In the USA when we work and pay into the social security system we expect to get a return after we retire. Everyone hopes that the system is financially healthy when they retire.
- The US social security system gets less and less secure as time goes on, so many young people are investing in private retirement saving solutions.
Meaning of Social security system & Social security system Definition