Social Insurance Programs Analysis

Option 1: Social Insurance Programs
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Option 1: Social Insurance Programs
Irrespective of diverse equity perspectives, social insurance plays a significant efficiency role. Given the technical challenge within private markets, neither inflation nor unemployment is an uncertainty against private markets that could provide actuarial insurance. Health insurance cannot cover all the risks for all kinds of individuals. In this vein, social insurance existence and effectiveness are supported because it plays a role that private, actuarial insurance would do inefficiently. Accordingly, social protection arrangements globally face challenges in providing effective and full coverage for laborers within all forms of employment, including those within “novel” employment forms. Whereas certain emerging employment and work arrangements could offer heightened flexibility for employers and workers, they could result in substantial gaps within social protection coverage, particularly when social protection programs’ demand is burgeoning (Behrendt & Nguyen, 2018). Therefore, it is essential to adapt and strengthen social protection programs beca...