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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 ​paidregularly 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 ​maintainsocialsecuritypayments to an ​ageingpopulation. The ​governmentwants to ​paysocialsecuritypayments directly into ​bankaccounts.
US moneycollected from ​employers and ​employees by the ​government to ​paypeople when they retire or because they are ill, ​unemployed, etc.: Companies and ​employees generally ​splitsocialsecuritypayments.
(Definition of social security payment from the Cambridge Business English Dictionary © Cambridge University Press)
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“social security payment” in Business English

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