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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]
Retired expatriates living in Spain who receive an income within Spain for tax purposes and a pension from their native country will need to calculate their income tax [6] and allowances by first identifying their marginal rate of income tax. This can be quite complex given the differing tax rates and thresholds within specific tax regions and ...
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 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.
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: N/A Hungary: Social assistance: Private ...
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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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.