The term "Social Security System" refers to a government-run program that provides financial support and protection for individuals in their old age, disability or death. It is designed to ensure that citizens have access to basic necessities such as food, shelter, and medical care during times of economic hardship.
In most countries with social security systems, workers contribute a portion of their earnings through payroll taxes, which are then used to fund the program. In return for these contributions, individuals become eligible for various benefits, including retirement pensions, unemployment insurance, and disability support.
The specifics of each social security system vary from country to country, but they generally aim to provide a safety net that ensures citizens do not fall into poverty during their most vulnerable years.