GENERAL KNOWLEDGE

Detailed explanation-1: -The Social Security Act was signed into law by President Roosevelt on August 14, 1935. In addition to several provisions for general welfare, the new Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.

Detailed explanation-2: -Social security is divided by the Indian government into seven branches like health Insurance and Medical Benefit; old age/retirement benefits; unemployment insurance; life and disability insurance; maternity and childcare benefits; rural job guarantee; and food security.

Detailed explanation-3: -These provide for mandatory social security benefits either solely at the cost of the employers or on the basis of joint contribution of the employers and the employees. While protective entitlements accrue to the employees, the responsibilities for compliance largely rest with the employers.

Detailed explanation-4: -social security, any of the measures established by legislation to maintain individual or family income or to provide income when some or all sources of income are disrupted or terminated or when exceptionally heavy expenditures have to be incurred (e.g., in bringing up children or paying for health care).