social security payment
noun[C]
GOVERNMENT,FINANCEukusanamountofmoneythat ispaidregularlytopeoplewho areunemployed,ill, or toooldtowork:
Japan isfacedwith thedoubledilemmaof having topayoffdebtsandmaintainsocialsecuritypaymentsto anageingpopulation.
Thegovernmentwantstopaysocialsecuritypaymentsdirectlyintobankaccounts.
US
moneycollectedfromemployersandemployeesby thegovernmenttopaypeoplewhen theyretireor because they areill,unemployed, etc.:
Companies andemployeesgenerallysplitsocialsecuritypayments.