Meaning of “social security payment” in the English Dictionary

"social security payment" in Business English

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social security paymentnoun [ C ]

uk us GOVERNMENT, FINANCE

an amount of money that is paid regularly to people who are unemployed, ill, or too old to work:

Japan is faced with the double dilemma of having to pay off debts and maintain social security payments to an ageing population.

US money collected from employers and employees by the government to pay people when they retire or because they are ill, unemployed, etc.:

Companies and employees generally split social security payments.

(Definition of “social security payment” from the Cambridge Business English Dictionary © Cambridge University Press)