The word “Social security “ is a measure of protection afforded to all the needy citizens by means of schemes evolved by democratic processes consistent with resources of the state. The social security convention adopted by the ILO in 1952 contains the following nine components of social security:
- Medical attention and care. 6. Sickness care and benefit.
- Unemployment injury benefit. 7. Old-age benefit.
- Unemployment benefit. 8. Family care and benefit.
- Maternity care 9. Invalidity benefit.
- Survivor’s care and benefit.
Definition Of Social Security
It is a system of protection or support provided by the society or government to workers and their families in time of sudden calamity,sickness,unemployment,old age or other contingencies.
According to International Labour Organization (ILO), “Social security is the security that society furnishes,through appropriate organization against certain risk to which its members are exposed. Social service is designed to prevent and cure disease to support when people are unable to earn and restore to gainful employment”.
According to Lord Beveridge, “Social security is an attack on five giants viz., want,disease,ignorance,squalor and idleness”.
Thus, It is the programme which is organized by the management to provide a benefit to the employees through certain need desired of the organization as well as the employees which secure the resource.
Types of social security
1. Social assistance: The state provides the social assistance and meet the entire cost of the facilities and benefits provided. This will be given only after testing the financial position of the beneficiary.
2. Social insurance: The state organizes the facilities financed by contributions from both the workers and employees, with or without a subsidy from the state. This is known as social Insurance.
Objectives Of Social Security
The social security measures the three main objectives:
1. Compensation: This is a cash money paid to the workers to compensate them due to accident, death etc.
2. Restoration: These related to the provision of medical aid during sickness and unemployment benefits during unemployment to the affected workers.
3. Prevention: These are related to those measures by which the productivity of the workers increases and does not suffer due to sickness or other reasons.