Social Security Scheme

byPaytm Editorial TeamNovember 3, 2025

Meaning

A vital system protecting individuals and families from life’s common risks.

Definition

A Social Security Scheme is a government-backed program offering financial aid for retirement, disability, unemployment, or healthcare. It ensures a basic standard of living.

How It Works

Funded by contributions from employees, employers, and the government. Funds are pooled and disbursed as benefits when individuals meet eligibility.

Benefits

Offers financial stability, healthcare, and income replacement during unforeseen events or retirement, promoting economic security.

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