Social security

Social security is a concept enshrined in Article 22 of the Universal Declaration of Human Rights, which states:

In simple terms, the signatories agree that society in which a person lives should help them to develop and to make the most of all the advantages (culture, work, social welfare) which are offered to them in the country.

Social security may also refer to the action programs of government intended to promote the welfare of the population through assistance measures guaranteeing access to sufficient resources for food and shelter and to promote health and well-being for the population at large and potentially vulnerable segments such as children, the elderly, the sick and the unemployed. Services providing social security are often called social services.

Terminology in this area in the United States is somewhat different from in the rest of the English-speaking world. The general term for an action program in support of the well being of the population in the United States is welfare program and the general term for all such programs is simply welfare. In American society, the term welfare arguably has negative connotations. The term Social Security, in the United States, refers to a specific social insurance program for the retired and the disabled. Elsewhere the term is used in a much broader sense, referring to the economic security society offers when people are faced with certain risks. In its 1952 Social Security (Minimum Standards) Convention (nr. 102), the International Labour Organization (ILO) defined the traditional contingencies covered by social security as including:

Social Security (United States)

In the United States, Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. The original Social Security Act was signed into law by President Franklin Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.

Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which make up the Social Security Trust Funds. With a few exceptions, all salaried income, up to an amount specifically determined by law (see tax rate table below) has a FICA or SECA tax collected on it. All income over said amount is not taxed, for 2015 the maximum amount of taxable earnings is $118,500.

Social Security

Social Security may refer to: