Compulsory social security activities

isic code 843, 'Compulsory social security activities', encompasses the provision of social security programs, such as retirement benefits, disability benefits, and unemployment benefits. This industry plays a crucial role in the broader economy by ensuring a social safety net for individuals and families, promoting financial stability, and supporting economic growth. As a government-mandated and regulated sector, the compulsory social security industry is an essential component of the social welfare system in many countries.

The main production techniques in the compulsory social security industry involve the administration and management of social security programs. This includes processing applications, verifying eligibility, calculating and disbursing benefits, and maintaining comprehensive records of program participants. Specialized software and information systems are often used to streamline these administrative processes and ensure accurate and efficient service delivery.

The key inputs required for the compulsory social security industry include a skilled workforce of administrators, actuaries, and support staff, as well as a robust information technology infrastructure to manage program data and payments. Additionally, the industry relies on government funding, legislation, and regulatory frameworks to establish and maintain the social security programs.

The primary outputs of the compulsory social security industry are the various social security benefits and services provided to eligible individuals and families. These may include retirement pensions, disability payments, unemployment benefits, and other forms of social assistance. The outputs of this industry are often consumed by 851 Social work activities without accommodation and 852 Social work activities with accommodation as they provide complementary services to support the well-being of individuals and communities.