Final answer:
Workers' compensation is a social insurance program where employers contribute funds to help employees with work-related injuries or illnesses recover.
Step-by-step explanation:
Workers' compensation is, in effect, a social insurance plan designed to assist employees with work-related injuries or illnesses so they can recover and return to work. This type of insurance requires employers to contribute a small percentage of their employees' salaries into funds, often managed at the state level. These funds are utilized to provide benefits to employees who suffer from injuries while on the job. The concept of this insurance is similar to that of pension insurance, where employers contribute to the Pension Benefit Guarantee Corporation to ensure workers receive some benefits if a company cannot fulfill its promised pensions.