It is the duty of the society in general and government in particular to ensure that nobody who has contributed to the growth of the nation in his good days is left alone to face the problems like sickness, accident, unemployment, disability, maternity and old age in his lean days. Under a Social Security System, these risks and eventualities can be managed through small contributions by all through a robust social security framework.
Social Security means a program that requires the government to create a fund or system which can be used to make payments to people who are unable to work (and earn his livelihood) because of circumstances. Essential features of Social Security are that it is mandatory (by law), administered by government and it has provisions of rights and enforcements. The social security paradigm is not a simple goodwill gesture or appeasement from the government to the citizen but a Right.
No wonder that the right to social security has been treated as a human right by the United Nations. According to Articles 22 and 25 of the Universal Declaration of Human Rights, access to Social Security is a basic right. The ‘Social Security (Minimum Standards) Convention 102’ adopted by the International Labour Organization (ILO) in 1952 also prescribes minimum standards for benefits in the important areas of social security. India has not yet ratified this convention. It is high time now that the Country moves towards providing the minimum standards of social security to all its citizen.
As per the practices prevalent worldwide, Social Security benefits can be State (taxpayer) funded, employer funded or worker funded, or any combination of these though the ideal scenario would be that every citizen of the country earns enough to pay for his social security to the state. Social Security is not only aimed at personal welfare of citizen, but is also linked to National economic prosperity, as it enables the person(s) exposed to these risks to spend the earnings in maintaining a decent standard of living with a life of dignity instead of stashing the earnings somewhere for unforeseen eventualities. Social Security also contributes to economic progress as effective Social security Policy, labour protection laws, medical facilities and unemployment benefits play a highly significant role in avoiding social costs and safeguarding efficient labour potential.