Social security system

Social security system,

Definition of Social security system:

  1. 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?

  1. 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.
  2. 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.
  3. 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