Social Security act 1935

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For over sixty-seven years, the Social Security program has been the most flourishing domestic government program; offering guaranteed economic protection for Americans of all ages.

The aim of the Social Security program is to provide security and stability for people by sharing risks, and participation in social responsibility by saving and lending sacrifices to others. The most important objective is to generate mutual assistance among people and their families, when they face loss or reduction in income, or rising of expenses without creating any burden for others or the society.

According to Social Security Act historians, the social security program began with the Social Security Act of 15, originally titled the Economic Security Act. President Franklin D.Roosevelt led this Act after a lot of controversy and the Congress passed the Social Security Act finally in 15.

Social Security taxes and benefit payments began in January 17. Initially the government paid retirement benefits only to a family's primary worker, but in 1 it added survivor's benefits and benefits for the retiree's spouse and children. Disability benefits began in 156, and in 165 Congress signed Medicare into law. The Civil Service Commission adopted the Social Security Number as an official federal employee identifier in 161, and the Internal Revenue Service adopted it as the official taxpayer ID number in 16.

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The Social Security act also started recording the social security numbers. Between November 16 and June 17, more then 0 million social security numbers were processed. First, the Social Security Act distributed SS-4 applications to employers, asking them to report the number of employees in their businesses. Then the Social Security send the appropriate number of SS-5 forms to employees for them to complete. When these forms were returned to the post offices and typing centers, the Social Security Act assigned social security numbers typed them in the social security cards. Fred Happel, the New York artist who has created the Flying Tigers logo used during World War II, provided the design for the cards. The numbers are then sent to Social Security headquarters for official records.

The benefits provided by the Social Security are of two categories, i.e. 1) long term and ) short-term benefits. 1) The long-term benefits include, a) the old age benefit, b) Invalidity benefit, c) survivors benefit, d) special lump sum. ) The short-term benefits include, a) Funeral grant, b) maternity benefits, c) employment injury benefit and d) health insurance.

Long-term benefits can be paid in the form of monthly pensions to insured persons in the event of loss of income due to old age (retirement), invalidity or bread of the breadwinner where the survivors will be paid the pension. a) The old age benefit- is paid in cash to insured person who retires from employment and fulfills the required conditions. Immediately on retirement an insured person who qualifies will get a lump sum payment and thereafter-monthly payments. b) Invalidity benefit- is paid in cash to an insured person who has lost his/her earning capacity due to physical or a medical board will certify mental inability as. c) Survivors benefit- this benefit is aimed at providing financial support to the surviving dependents of the insured that dies while working. Spouses and children are immediate beneficiaries but in case the deceased has neither a spouse nor children the parents may qualify for the benefit if they depended upon the deceased person. d) Special Lump sum- any insured person who attained a retirement age but does not qualify for pension, he/she will be paid a special lump sum.

Short-term benefits are payable for short periods of time and for some maximum duration specified in the provisions. a) Funeral Grant- is a fixed lump sum cash grant payable to the person responsible for the funeral arrangements of a deceased person, who was an insured person. The amount payable shall be reviewed from time to time to ensure that is sufficient to meet reasonable burial expenses. b) Maternity benefits- this kind of benefit shall be payable to a female member who needs some support to take care of herself and her baby before and after confinement. c) Employment injury benefit- this benefit shall be payable to an insured person who in course of his/her employment happens to be injured or happens to contact any diseases which are related to nature of his employment. d) Health insurance- Social security offers medical care services and provisions of essential drugs to the insured person with the aim of relieving the insured person from the burden of cost sharing in medical services.

There are also other benefits such as Sickness or injuries benefit and Child allowance benefit etcetera.

The government, employers, and employees are enforced by the Act to pay contributions to the Social Security Fund. The employers and insured employees shall pay the contributions at the rate % of wages to cover six types of benefits, and the government will also pay one part. The employer deducts wages of an insured person at the amount to be paid for the contribution and pay contribution on the part of employer and employee within 15 days of next month.

There are some problems with this Act, such as,

· Social security's annual costs will exceed its income in 016, with perpetually increasing deficits thereafter.

· Social security will not be sustainable- either fiscally or politically- unless in the long run, its annual dedicated income exceeds its payment obligations, without relying on appropriations from the rest of the budget.

But there also some proposed solutions for these issues, 1) Modernization must not change social security benefits for retirees or near retirees. ) The entire social security surplus must be dedicated to social security only. ) Social security payroll taxes must not be increased. 4) Government must not invest social security funds in the stock market. 5) Modernization must preserve social security's disability and survivors' components. 6) Modernization must include individually controlled, voluntary personal retirement accounts, which will augment the social security safety net.

There are three reform models have been presented last year, which covers three major issues were unresolved previously, those are, 1) Reform model 1 establishes a voluntary personal account option but does not specify other changes in social security's benefit and revenue structure to achieve full long term sustainability. ) Reform model enables future retirees to receive social security benefits that are at least as great as today's retirees, even after adjusting for inflation, and increases social security benefits paid to low-income workers. Model establishes a voluntary personal account without raising taxes or requiring additional worker contributions. It achieves solvency and balances social security revenues and costs. ) Reform model establishes a voluntary personal account option that generally enables workers to reach or exceed current-law scheduled benefits and wage replacement ratios. It achieves solvency by adding revenues and by slowing benefit growth less than price indexing.

In the United States, Social security did not exist on the Federal level until the passage of the, Social Security Act of 15. This statute provided for a Federal program of old-age retirement benefits and a joint Federal-state venture of unemployment compensation. In addition, it dispensed Federal funds to aid the development at the state level of such programs as vocational rehabilitation, public health services, and child welfare services, along with assistance to the elderly and the handicapped. The act instituted a system of mandatory old-age insurance, issuing benefits in proportion to the previous earnings of persons over sixty-five and establishing a reserve fund financed through the imposition of payroll taxes on employers and employees. The original levy was 1 percent, but the rate has increased over the years. Only employees in industrial and commercial occupations were eligible for protection under the Social Security Act of 15, but numerous important amendments have expanded the categories of coverage. And still this is a major issue for all American's and every year some sort of modifications are made on the laws made in the year 15. And this whole changes or modifications are made to make people's life easier when they will be in an old age or something happened accidentally. So we all should take a special care to abide all the rules or laws made by the United States Government.

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