Fraternity-Testvériség, 1956 (34. évfolyam, 1-12. szám)
1956-09-01 / 9. szám
FRATERNITY 11 SOCIAL SECURITY WHAT YOU SHOULD KNOW ABOUT IT The basic idea of the Federal Old Age and Survivors Insurance (commonly known as Social Security) is that the workers and their employers and self-employed persons contribute to a fund while they are working, and when earnings stop because of the death of the worker or because of retirement, payments are made from the fund to the worker and his dependents or to his survivors. That’s about all there is to the idea. It is a partial replacement of income lost because of death or old age, and it is made possible through contributions paid by the worker (50%) and the employer (other 50%) or by the self-employed person (full 100%). Presently, a worker pays 2% of his earnings, to which the employer adds the same about. * * * Question: What kinds of insurance payments are made under the Federal Old Age and Survivors Insurance Program? Answer: There are four kinds of payments: (a) Monthly retirement payments to insured persons 65 or over and their families, (b) Monthly payments to insured persons and their families if the insured person is 72 or over even if he is still working, (c) Monthly survivors payments to the families of insured persons who dies, (d) Lump-sum payments to an insured person’s widow or widower, or the person who paid the worker’s burial expenses. This lump sum will be paid even when there is a survivor who is immediately eligible for monthly insurance payments.
