Social Insurance (Noun)
Meaning
Government provision for unemployed, injured, or aged people; financed by contributions from employers and employees as well as by government revenue.
Classification
Nouns denoting acts or actions.
Examples
- The government has implemented a comprehensive social insurance program to provide financial assistance to unemployed citizens.
- Companies are required to contribute a percentage of their employees' salaries to the social insurance fund.
- As part of the country's social insurance reform, the government has increased the pension benefits for retired workers.
- The new social insurance law aims to provide medical coverage to injured workers who cannot afford private healthcare.
- Contributions to the social insurance system are typically split between the employer, employee, and government revenue.