Australian Social Security system
The Australian social security system has been in place for many years. Itspurpose is much like other social security systems throughout the world.The system provides financial payments to those who are aged out of theworkforce as well as those who are disabled and cannot work.The original social security system began in 1909 and its purpose was toassist lower income retirees support themselves. As history progressed thegovernment relaxed the qualification requirements and eventually movedtoward a universal system. "Australians over the age of 69 received a fullage pension regardless of income, and the rules for men 65 to 69 years oldand women from 60 to 69 years old were so lax that almost all of themqualified for a full age pension as well(Australia's social security systemhttp://www. social+security+system%22+%2BAustralia&hl=en&ie=UTF-8).""Australia's social security system helps millions of people throughdifficult times (when they are unemployed, or sick, or in times of crisis).The system also supports people with a disability and their careers, aswell as students, parents and families with children(Australia's socialhttp://www. social+security+system%22+%2BAustralia&hl=en&ie=UT
The history of the Australian social security system dates back manydecades. "This mandatory savings can be augmented by tax-favored voluntarycontributions. "CONCLUSIONThe Australian social security system is proving to be successful. Today, females work as often asmen do and therefore the benefits being paid out are threatening to drainthe system. "Recently there have been changes including the mandating of employers tocontribute to the private fund of the worker's choice. These credits will apply to savings income and/or additional voluntarycontributions to superannuation accounts(Australia's Privatized RetirementSystem: Lessons for the United Statesby Daniel J. In 1986 the nation began to implement a privatized system calledsuperannuation 1 funds.
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