Social security is critical to every economy since it assist people with little or no income to get financial help from their governments.
In other words, social security also refers to the action programs of an organization intended to promote the welfare of people. The organizations provide assistance in form of shelter and food as well as promoting their health and well-being more so to segment of the society such as children, the elderly, the sick and the unemployed.
For better understanding of social security, it is essential to know the contingencies covered by social security which 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.
It is vital for people to choose the categories of social security benefits that will enable them to enjoy the associated benefits based upon their records of earning, these 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. Due to financial needs, a beneficiary may want to start getting retirement benefits even before they reach the full retirement age, in such a case, the benefits will be reduced by a certain amount.
Social security also covers the disabled people in a country. It is worth noting that disability benefits is for those who met the work requirements and are considered disabled under the Social Security program’s medical guideline.
The other type of benefits under social security that citizens of a country can be assured of enjoying is dependents benefits. When one is a spouse of a retired or disabled worker who qualifies for Social Security retirement or disability benefits, they are entitled to dependent benefits. In addition, the benefits are not only entitled to people who are spouses of retired or disabled workers but also their minor and their disabled children.
In the event that you are the surviving spouse of a worker who qualified for Social Security retirement or disability benefits, you and your minor or disabled children may be entitled to benefits. The beneficiaries of the program qualify for the benefits based on their deceased spouse’s earnings record.