The word social security originated in USA in 1935. It means to help the people when they are unemployed and exposed to risk such as sickness, accidents, old age, maternity etc.
Scope of Social security:
It is in form of maternity benefits, health insurance, voluntary and compulsory insurance, provident fund schemes. These social security programs vary from country to country but have the following three common characteristics:
- They provide some form of cash payment to the individual as compensation.
- They are established by law.
- Social security services are provided in 3 following ways: a) Social insurance: Here the contribution is made either by government or employer to help the employee in his or her old age.b) Social assistance: Here government helps in case of contingencies. No contribution is made by the workers.c) Public service: These programs are directly financed by government for every member of the community. These are scopes of social security