OLD AGE SECURITY Meaning and
Definition
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Old Age Security (OAS) refers to a government-administered program or pension scheme aimed at providing financial aid and social support to elderly individuals who have reached a specified age and meet certain eligibility requirements. Primarily implemented by many countries across the world, OAS is typically designed to help individuals maintain a basic standard of living, dignity, and independence during their retirement years.
This program usually takes the form of regular monetary payments or pensions, which are typically funded through taxes and contributions made by individuals and employers throughout their working lives. The eligibility criteria may vary by country but commonly involve reaching a certain age, often called the retirement age or the age of entitlement, which varies depending on the jurisdiction.
Old Age Security programs often consider factors such as residency, citizenship, and the number of years of residence in the country when determining eligibility for benefits. These programs are intended to ensure that older adults have access to a reliable income stream to cover living expenses, including housing, healthcare, and daily necessities.
The Old Age Security program plays a crucial role in addressing issues related to poverty and financial insecurity among the elderly population, providing them with a safety net and contributing to their overall well-being. By offering financial assistance to retirees, it helps mitigate the risks of poverty and social exclusion, enhancing the quality of life for older individuals as they transition into their golden years.
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