social insurance
- A system established, monitored, or regulated by the government to provide protection to individuals against certain risks like unemployment, old age, and disability
- Everyone pays into the social insurance program with the understanding that they will receive benefits if they fall on hard times.
- Social insurance is designed to protect individuals from economic hardships that may result from old age, disability, or unemployment.
- There's a controversy over whether self-employed individuals should be included in social insurance programs.
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