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Protection for the American Worker

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  6. LANGUAGE-BASED PROTECTION

Most American workers have some protection against sudden stoppage of income. If workers are laid off (lose their jobs) through no fault of their own, they may be eligible for unemployment compensation-temporary payments from the government-until they find another job or their benefit period expires. Another way in which workers can protect their paychecks is by purchasing insurance that guarantees the family a regular income if the breadwinner(s) cannot continue working because of injury, illness, or death.

The most widespread type of financial protection of wages is a federal program called Social Security. It protects workers and their families against income loss due to retire­ment, illness, or death. About 44 million Americans (approximately one out of six) receive Social Security pension, disability, or survivors' benefits. Most U.S. workers (employees and self-employed persons as well) are required to participate in this pro­gram. Self-employed people pay contributions quarterly. Employees' contributions are deducted from their paychecks each payday. Most workers contribute about 7.65% of their wages; the employer contributes an equal amount. The government keeps a record of each worker's account under the person's Social Security number.

A worker must contribute to the fund for a specified length of time in order to be eligible for Social Security benefits. The amount of money received depends on the indi­vidual's average earnings during his working years. However, workers with low lifetime earnings collect benefits proportionally greater in relation to their contributions than do those with higher lifetime earnings. The average monthly Social Security check is about $830.

For many years, regular retirement age has been 65. However, a 1983 federal law provided for a gradual increase from age 65 to age 67 beginning in 2003 and ending in 2027. Workers may choose to retire and begin receiving pension payments a few years earlier than the regular retirement age, but then the amount received each month is smaller.

 

Check your comprehension.

What different groups of people are eligible to receive money from Social Security?

 


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