Glossary:Social security fund

From Statistics Explained

A social security fund is a central, state or local institutional unit whose main activity is to provide social benefits. It fulfils the two following criteria:

  • by law or regulation (except those about government employees), certain population groups must take part in the scheme and have to pay contributions;
  • general government is responsible for the management of the institutional unit, for the payment or approval of the level of the contributions and of the benefits, independent of its role as a supervisory body or employer.

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