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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 ...
Starting in 2000 and until 2008 the Spanish government paid 45 Bn euros into the fund while investment income from the fund reached a total of 17 Bn eur. [4] The economic crisis caused a significant reduction in employment and a similar fall in payroll taxes leading to a social security deficit. In 2012 and 2013 the government tapped the fund ...
Also, the amount may be reduced by declaring income with your spouse if you are married and some expenditures (like contributions to unions, personal pension funds, etc.). The figures given below are valid for the year 2019. [5] The personal tax allowance differs depending on age. For the year 2019 under 65s, the personal tax allowance is €5,550.
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: N/A Hungary: Social assistance: Private pension fund: Voluntary pension fund: N/A India ...
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The department was created by Prime Minister Pedro Sánchez as part of the Sánchez II Government and it took on some of the responsibilities of the Ministry of Labour, Migrations and Social Security; as well as the responsibilities of the Ministry of Finance in civil servants' pensions.
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