Based on my research from what I read in the internet about social security is that the principle or practice or a program of public provision for the economic security and social welfare for the individual and his or her family. And for social security in economics is a critical federal program that promotes income stability among households in the Philippines. It providing a steady stream of income to replace lost wages due to retirement, disability, or death.
The purpose of Social Security to us is to provide for the material needs of individuals and families. Second is to to protect aged and disabled persons against the expenses of illnesses that may otherwise use up their savings. Third is to keep families together, and lastly to give children the chance to grow up healthy and secure.
Before I conclude I would like to say that social security is important source of income for groups with low earnings and less opportunity to save and earn pensions. And social security is especially beneficial for women because they tend to earn less than men. And lastly I conclude this by saying we should have social security to provides a foundation of income on which workers can build to plan for their retirement.