Social security is a government program that helps workers and retired workers and their families achieve a degree of economic security. Social security, also called social insurance, provides cash payments to help replace income lost as a result of retirement, unemployment, disability, or death.
All industrialized nations as well as many less developed countries have a social security system. This article deals chiefly with social security systems in the United States and Canada.
The social security program in the United States has three main parts. They are (1) old-age, survivors, disability, and hospital insurance (OASDHI), usually referred to as Social Security, with two capital letters; (2) unemployment insurance; and (3) workers' compensation.
About one-sixth of the people in the United States receive Social Security benefits. People become eligible for benefits by working a certain period in a job covered by Social Security. Employers and workers finance the program through payroll taxes. Participation in Social Security is required for almost all U.S. workers.
Social security differs from public assistance. Social security pays benefits to individuals
