What does social insurance mean?
Definitions for social insurance
so·cial in·sur·ance
This dictionary definitions page includes all the possible meanings, example usage and translations of the word social insurance.
Princeton's WordNet
social insurancenoun
government provision for unemployed, injured, or aged people; financed by contributions from employers and employees as well as by government revenue
ChatGPT
social insurance
Social insurance is a system of government sponsored protection against various economic risks such as loss of income due to unemployment, sickness, disability or old age. It involves mandatory participation where individuals contribute to a public system or fund, with benefits provided to those who meet specific conditions. Social insurance is typically funded through taxes or premiums paid by participants. This concept serves as the backbone for programs such as Social Security, unemployment insurance, and government funded healthcare.
Wikidata
Social insurance
Social insurance is any government-sponsored program with the following four characteristics: ⁕the benefits, eligibility requirements and other aspects of the program are defined by statute; ⁕explicit provision is made to account for the income and expenses; ⁕it is funded by taxes or premiums paid by participants; and ⁕the program serves a defined population, and participation is either compulsory or the program is subsidized heavily enough that most eligible individuals choose to participate. Social insurance has also been defined as a program where risks are transferred to and pooled by an organization, often governmental, that is legally required to provide certain benefits. In the U.S., programs that meet these definitions include Social Security, Medicare, the PBGC program, the railroad retirement program and state-sponsored unemployment insurance programs. The Canada Pension Plan is also a social insurance program.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of social insurance in Chaldean Numerology is: 4
Pythagorean Numerology
The numerical value of social insurance in Pythagorean Numerology is: 1
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"social insurance." Definitions.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.definitions.net/definition/social+insurance>.
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