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Pensions In Spain
Pensions in Spain consist of a mandatory state pension scheme, and voluntary company and individual pension provision. Mandatory state pension scheme 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 his/her salary while employers must pay the equivalent of 23.6% of an employee's salary into the scheme. Non-contributory pension Non-contributory means-tested pensions are targeted at low-income households and the disabled. Beneficiaries must not have been contributory members of the Social Security system during their working life. In 2000, beneficiaries of non-contributory pensions was 471,275 pesetas. In 2010 in order to qualify the beneficiary may not have a monthly or annual income equal to or greater than the non-contributory pension of €339.70 per month (€4,755 per annum). Inco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security In Spain
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 public authorities shall maintain a public social security system for all citizens, guaranteeing sufficient support and social benefits in situations of need, especially in the event of unemployment, and that the support and additional benefits shall be free". History The starting point of protection policies is established during the Liberal government of Posada Herrera, who set up in October 1883 a government commission — the Social Reform Commission— to examine issues that were of interest to the improvement and well-being of the working class. In 1900 it was approved the fir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toledo Pact
The Toledo Pact ( es, Pacto de Toledo) was an ambitious reform of the Spanish social security system approved by the Spanish parliament on 6 April 1995, aimed at streamlining and guaranteeing the future of the Spanish social security system. The background to the reform was a series of recommendations by the World Bank in 1987 and the Delors White Paper in 1993.Boletín Oficial de las Cortes Generales, Congreso de los Diputados, 12 de abril de 1995. Número 134 Background In June 1993, the Spanish Socialist Workers' Party (PSOE) had lost seats to the conservative Partido Popular in the general election A general election is a political voting election where generally all or most members of a given political body are chosen. These are usually held for a nation, state, or territory's primary legislative body, and are different from by-elections ( ..., leaving it without an overall majority. The PSOE depended on the support of the Catalan party Convergencia i Unio, who proposed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Involuntary Unemployment
Involuntary unemployment occurs when a person is unemployed despite being willing to work at the prevailing wage. It is distinguished from voluntary unemployment, where a person refuses to work because their reservation wage is higher than the prevailing wage. In an economy with involuntary unemployment, there is a surplus of labor at the current real wage. This occurs when there is some force that prevents the real wage rate from decreasing to the real wage rate that would equilibrate supply and demand (such as a minimum wage above the market-clearing wage). Structural unemployment is also involuntary. Economists have several theories explaining the possibility of involuntary unemployment including implicit contract theory, disequilibrium theory, staggered wage setting, and efficiency wages. The officially measured unemployment rate is the ratio of involuntary unemployment to the sum of involuntary unemployment and employment (the denominator of this ratio being the total labor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pan-European Pension
The Pan-European Pension Product (PEPP) or like Pan-European Personal Pension Product is a proposed pension which will be available to residents of the European Union. The PEPP is designed to give the 240 million savers in the EU a better choice in the fragmented and uneven European market, where options are nearly non-existent in some member states. PEPPs are regulated by the Regulation 2019/1238. This regulation lays the legal foundation for a single European market for personal pensions. The PEPP will be complementary to existing state, occupational and private pension systems on national level. After endorsement by the European Parliament and official adoption by the European Council the PEPP regulation was published in July 2019 and will enter into application in August 2020. The first PEPPs are expected to be offered in late 2021. Valdis Dombrovskis, a vice-president of the European Commission responsible for financial services, said "It has enormous potential as it will off ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions By Country
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
