social security system

  

Definition

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 government's tax revenue.

Use this term 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.

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  • 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.

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  • 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.

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