Origins of Legally Required Benefits
1 Discuss the origins of legally required benefits.
Legally required benefits historically provided a form of social insurance. Prompted largely by the rapid growth of industrialization in the United States in the early nineteenth century and the Great Depression of the 1930s, initial social insurance programs were designed to minimize the possibility that individuals who became unemployed or severely injured while working would become destitute. In addition, social insurance programs aimed to stabilize the well-being of dependent family members of injured or unemployed individuals. Furthermore, early social insurance programs were designed to enable retirees to maintain subsistence income levels. These ...
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