The Administration of Social Security represents an autonomous agency within the Federal that unites the retirement components, survivors of social problems and disability insurance industries. It includes old age benefits, disability and survivor insurance. The Federal Insurance Act’s mandate is to distribute funds in payroll taxes for the industry. In the institutional mandate to support social security schemes in American society, numerous initiatives exist, in particular. The legal structure is the basis of many bodies that strategize financial programmes, which offer the right citizens advantages (Henry 2016). Social security is awarded to every liable citizen of the United States of America. In practice, every individual in the working group has a social security number. The number helps in allocating funds to the vulnerable groups in the society. Such vulnerable groups include young children, the elderly as well as the survivors of poverty, besides other social amenities. Any individual who has a salary in the working class pays the payroll tax that goes into funding the social security segments to reduce poverty among the victims.
The systems award securities based on two principles. The first principles based of the assistance to the elder. The second strategy awards the social security as benefits in the social front. Significantly, both phases of award seek to help the vulnerable groups in a contributive system in which the workers contribute their own money to reduce the level of uncertainties in the economic movements in the societies.
Concisely, the programs seek to justify the award systems applied in the country as a major move in reducing economic burdens in the society. Social security awards involve basic support to every citizen of the American states. The legal framework stipulates the award strategies.
Henry Cheeseman (2016). Legal Environment of Business – Online Commerce, Business Ethics, and Global Issues 8th Edition, Pearson 4