Social security is critical to every economy since it assist people with little or no income to get financial help from their governments.
Social security mainly targets children, the elderly, the sick and the unemployed who are struggling in meeting their daily needs by offering assistance. It is worth noting that the organizations provide assistance to the less privileged in form of food, shelter and wellbeing.
The following are some of the traditional contingencies covered by social security, these include responsibility for the maintenance of children, suspension of earnings due to pregnancy and confinement and their consequences. The other contingencies include suspension of earnings due to an inability to obtain suitable employment for protected persons who are capable of, and available for work, suspension of earnings due to an incapacity for work resulting from a morbid condition, permanent or persistent inability to engage in any gainful activity, treatment of any morbid condition including pregnancy, as well as loss of support suffered by a widowed individual or child as the result of the death of the provider.
The four main categories of social security benefits include retirement, disability, dependents, and survivors benefits.
The primary step to getting retirement benefits involves registering to the social security board of your country under the retirement section. Employees of covered employment who serve the companies for sufficient number of years and who retired at the age of sixty-two are eligible for retirement benefits. Besides, a candidate may start getting retirement benefits at any time after they have reached age sixty-two. In some cases, one may want to receive the payments before they reach the full retirement age, in such a case, the amount of the benefit will be reduced by a certain percentage.
Social security also covers the disabled people in a country. However, the disability benefits is for people who have met the work requirements and are considered disabled under the Social Security program’s medical guidelines.
Social security also offer dependents benefits for people who have registered to the program. Dependents benefits was meant for people who as spouse of a retired or disabled worker who qualifies for Social Security retirement or disability benefits. Your minors and disabled children are also entitled to dependents benefits.
Citizens of a country who are spouses of workers who qualified for Social Security retirement or disability benefits are the best candidates for survivors benefits program as well as their children. The beneficiaries of the program qualify for the benefits based on their deceased spouse’s earnings record.