The relationship between social insurance and social security

Classification: Business/Financial Management >> Insurance

Analysis:

Social security refers to the measures, systems and undertakings that the state redistributes national income through legislation and compulsory means according to law, and provides basic living security for members of society who temporarily or permanently lose their ability to work and have difficulties in life for various reasons, so as to ensure labor reproduction, social stability and orderly economic progress.

The social security system is divided into social insurance, social relief, social welfare and special security for special people.

Social insurance is a social security system in which the state collects social insurance taxes (fees) through legislation to form a social insurance fund. When workers and their relatives suffer economic losses or income interruption or reduction due to risks such as old age, illness, work injury, disability, childbirth, death and unemployment, social insurance will pay the beneficiaries to ensure their basic living needs.