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What is meant by social security in HRM?
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International Labour Organisation has defined the social security as, "that security that society furnishes, through appropriate organisation, against certain risks to which its members are exposed". These risks are ignorance, want, disease, squalor and unemployment. Social security is a very comprehensive term and includes in its schemes of social insurance and social assistance as well as some schemes of commercial insurance. Social insurance scheme protects an individual from falling to the depths of poverty and nursery while social assistance is one of the device according to which benefits are given as a legal right to workers who are eligible for such assistance. Commercial insurance includes all voluntary efforts and covers individual risks only.
