In today’s fast-paced world, the number of seniors struggling to make ends meet is increasing at an alarming rate. With rising costs of living and inadequate retirement savings, many older adults are facing financial insecurity in their golden years. This is where social pension, also known as universal pension or basic pension, comes into play. It is a government-provided safety net that guarantees a minimum income for seniors who have little or no other sources of support. This form of pension is based on the principle of social solidarity, as it aims to ensure that every senior is able to live with dignity and financial stability.
Social pension programs vary from country to country, but their ultimate goal is to provide a basic level of income for seniors above a certain age, regardless of their working history or socio-economic background. This is especially beneficial for those who were not able to save for retirement due to various reasons such as health issues, job loss, or low-paying jobs. By providing a reliable source of income, social pension helps seniors to cover their basic needs such as housing, food, and healthcare.
Moreover, social pension serves as a crucial social safety net for seniors who do not have family support or live in poverty. It not only helps to alleviate financial struggles but also promotes social inclusion and reduces inequality. With social pension in place, seniors are less likely to fall into extreme poverty, giving