Tell me about social insurance & Oldage Pension Act..

Posted: Fri Mar 14, 2008 09:14 am Post Subject: A brief about Social Insurance

No Dear- actually it is the other way round. Unemployment insurance is rather a kind of Social insurance. Social insurance may be offered in terms of the following programs-

Social Security, railroad retirement policy, unemployment insurance, PBGC & Medical Care

Social insurance is governed by the state laws. It is applicable to a certain volume of population. It is reimbursed from the money collected in terms of the premium-collections or accumulation of taxes from the applicants. Participation at such a program is sometimes mandatory or may come in form of a subsidized pack that is easily available for all. LuvieduvieW

Posted: Fri Mar 14, 2008 09:28 am Post Subject: OaP Act

Hi!

The Old age Pension Act that you stating about is nothing but the same old Social security act. The outcome of such an act is a lump-sum money aimed at helping the retirees & unemployed section of the population. Well, this moneys gotta come as a death-benefit. A payroll tax applied on the current workmen's wages is responsible towards funding the payments in connection with this act. While half of it is adjusted in the form of the said tax, the other half gets paid by the beneficiary's employer.
Thats all about it! Melanie_Garner

Posted: Fri Mar 14, 2008 09:52 am Post Subject: Unemployment benefits

Unemployment insurance is rather a kind of Social insurance.