Social Security is an instrument of social and economic justice: a wise investment which yields good dividend in the long run. Social security has wider aims than the prevention or relief of poverty. Where social security programmes did have as an objective the fight against poverty, the effort was mainly concentrated on those not at work. The objective of social security is compensation, restoration and prevention.
Access to social security has become a fundamental human right to which every individual is entitled as a member of the society. The right to social security is recognized in numerous human rights instruments such as International Labour Organization, UDHR and International Covenant on Economic, Social and Cultural Rights and is a basic human right.
There are two main currents in the movement towards social securitysocial insurance and social assistance. Both are complementary to each other. Tax-financed social benefits are usually targeted at the needy, and are often awarded based on an income or assets test.
The other component is financed by contributions and its benefits are awarded when a specific risk or contingency occurs. The statutory social security schemes cater only for a small proportion of the population. The ultimate goal of social security is to ensure that everyone has the means of livelihood.
Effective social security means secure access to benefits and services that maintain and enhance an individual's employability and the guarantee of at least a minimum income level, including adequate and secure pensions when no longer active, together with basic social services (including healthcare). Currently, social security schemes in many countries have come under increasing financial, structural and budgetary pressures.
Where social security programmes did have as an objective the fight against poverty, its efforts are focused upon: