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The state pension scheme is part of the Social Security system in Spain. There are two categories of pension in Spain: contributory and non-contributory. The pensions system is financed by a payroll tax on salaries. The employee pays 4.7% of their salary while employers must pay the equivalent of 23.6% of an employee's salary into the scheme. [1]
The social security system (Spanish: seguridad social) in Spain is its principal system of social protection.The concept of social security first appeared in Spain in 1883 under the Committee for Social Reform, it was expanded several times during the twentieth century and finally the right to social security was enshrined in the Spanish Constitution of 1978 under Article 41 which states "that ...
The history of pensions in Spain began in 1908 with the creation of the National Insurance Institute (INP) and the design of old-age pensions in a free affiliation ...
The Institute for the Elderly and Social Services (IMSERSO) is an agency of the Government of Spain responsible for the management of social services that complement the benefits of the Social Security System, disability and retirement pensions, in its non-contributory modalities, as well as the exercise of the powers of the General State Administration in matters relating the elderly and ...
DGFSP's headquarters, Madrid. The Directorate-General for Insurance and Pension Funds (Spanish: Dirección General de Seguros y Fondos de Pensiones) (DGSFP) is the Spanish government's financial regulatory department that supervises and controls Spain's insurance and pension fund sector.
Spain: 65 (and 3 months) 65 (and 3 months) 2015 The age will be 67 by 2027. [2] See also: Pensions in Spain. [1] [3] Sweden: 66 66 2020, options age 62–68. By 2026 it will be 67, with options age 64-69. Switzerland: 65 64 2022 [24] [25] [26] Ukraine: 60 60 2022 United Kingdom: 66 66 2021 The retirement age is due to be increased to 67 by 2028 ...
Mandatory occupational pension provision: Voluntary private collective pension provision; Voluntary private individual pension provision Georgia: Basic pension: N/A: N/A: N/A Germany: Social assistance: Social insurance system: Voluntary occupational pension insurance: Private pension schemes Hong Kong: Basic pension: Provident fund system: N/A ...
The establishment of the Social Security Reserve Fund was part of the 1994 Toledo Pact agreement between government, employers and unions. Under the agreement the surpluses of the social security system were to be paid into the reserve fund with the aim of security pension payments in the future when demographics bring the pensions system into deficit.