President Roosevelt in 1932 came up with term Social Insurance which means: "To address the permanent problem of economic security for the elderly by creating a work-related, contributory system in which workers would provide for their own future economic security through taxes paid while employed". With this ideology in mind SOCIAL SECURITY ACT was signed into law by President Roosevelt on August 14, 1935.
PRESIDENTIAL STATEMENT SIGNING THE SOCIAL SECURITY ACT. AUGUST 14,1935
Part of the act was to established a Social Security Board (SSB). First task of this board was the need to register employers and workers by January 1, 1937, when workers would begin acquiring credits toward old-age insurance benefits. By deadline over 30 million SSN cards were issued through this early procedure, with the help of the post offices. By June 30, 1937, the SSB had established 151 field offices.
Social Security Number Chronology
SSN Timeline from Google
SSN evolved with above motto and now world revolves around it.
Few SSN timelines Related to Credit World:
- IRS adopted SSN in 1961
- Banks and Credit firms started adopting SSN from 1970
- Since 1982 all applicants for loans under any Federal loan program required to furnish their SSNs to the agency supplying the loan.
No comments:
Post a Comment