social insurance system

A social insurance system is a government-run program that provides financial support and protection to individuals during life's uncertainties, such as illness, unemployment, disability, or old age. Funded through contributions from workers, employers, and sometimes the government, it ensures that people have access to essential benefits when they need them most. This system helps promote economic stability and social security by pooling resources to assist those facing health or financial hardships, reducing individual risk and fostering a safety net for society as a whole.