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

Related Videos




http://www.businessdictionary.com/definition/social-security-system.html

Have a question about this term? Ask for help in the
Community
advertise here

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z