Broadly speaking, financial and social insecurity means inability or lack of capacity of a person or individual to protect himself from the risks of unemployment, sickness, industrial accidents or disability, old age and other contingencies. Thus linked with problems of employees safety and industrial health of workers is the question of provision of security to them by the society or the government.
In industrial undertakings, workers are often subject to periodic unemployment due to sickness, industrial accidents, old age, or on account of financial sickness or not so-efficient condition of business. These may incapacitate a worker temporarily or permanently and lead to unemployment causing financial misery and other consequences. Ordinarily, workers do not have financial resources to cope up with these problems or alternative means of livelihood. In these circumstances it is obligatory on the part of industrial establishment and the government to help these workers and provide them security or what we call social security.
Social security is a system of protection or support provided by the society or government to workers and their families in time of sudden calamity, sickness, unemployment, injuries, industrial accidents, disablement, ole age or other contingencies.
Social security programmes include –
- Medicare and insurance benefits
- Medical help at the time of injury and accident and provision financial compensation and relief.
- Pension in case of disablement
- Unemployment insurance or allowance
- Maternity benefits
- Death payments and family pension
Retirement benefits or old age relief etc.