Research Paper on "Comparing and Contrasting Our Social Security System With That of Canada"

Research Paper 4 pages (1232 words) Sources: 5

[EXCERPT] . . . .

Social Security system is designed to provide benefits to the individual from: the moment the reach the age of 65 or they become disabled. The way that it works is benefits are immediately paid out based upon the number of workers who are contributing to the program. In the future, those who are working will receive theirs, from the total amount of individuals who are employed. The way that it is funded is through a federal payroll tax that is paid by employers (for the benefit of employees). These are placed into a trust fund that is maintained by the U.S. Treasury. In the years where the number of workers is larger than recipients, the funds are invested into non-marketable U.S. Government bonds. To be eligible everyone is provided with a Social Security number. During the years of their employment, this information will be used to identify and determine eligibility. (Livingston, 2007)

Introduction of the Canadian system

The Canadian system is organized under a program called the Public Pension System. This is focusing on providing assistance to a number of areas to include: health, education, unemployment, family / child assistance, old age, disability and survivors' benefits. To achieve these objectives the program has three major components to include:

Canada Pension Plan / Quebec Pension Plan: This is an earnings-based program where everyone will contribute a certain amount from their income. When someone retires or becomes disabled this will provide them with additional revenue. In the event that something happens to them, these benefits can be passed on to another beneficiary. (Wiseman, 2008)

Old Age Security: This is broad-based pension that is financed through the general revenues. It is paid to all Canadians who are over the age of 65. The only exception is for those individuals who do not meet residency requirements or they exceed predetermined income levels. (Wiseman, 2008)

Guaranteed Income Supplement: This is a non-taxable benefit that is provided to senior citizens who have low to moderate income levels. The basic idea is that this can help to account for any kind of short falls the individual is experiencing in their monthly income after they have retired. (Wiseman, 2008)

These different elements are designed to address those who are most vulnerable in society. The way that this is achieved, is by providing support based upon the income they are receiving from other programs. This addresses any kind of gaps the individual may have in their finances. (Wiseman, 2008)

Comparison of the systems (objective similarities between the systems)

Both systems are working based upon a similar formula of having a payroll tax to fund those who are at retirement age and the disabled. At the same time, these benefits can be passed on to other beneficiaries. The combination of these factors is helping to give certain segments (i.e. The elderly and disabled) with some kind of income protection. As a result, the Canadian Pension Plan / Quebec Pension Plan are similar by paying out the amount that is received from existing workers paying into the system. The funds are paid into the system is based upon a tax that is imposed on workers through their employers. (Wiseman, 2008)

Contrast of the systems (objective differences between the systems)

The differences between the two systems are large. This is because the Canadian approach is focused on dealing with a number of social challenges impacting different segments of the population. For example, all workers and residents are given free health care coverage in the province they are a resident. At the same time, there is assistance provided to families who have children under the age of 6 and they are experiencing financial hardships (i.e. The Universal Child Care… READ MORE

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