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Social Security Reserve Fund (Spain)
The Social Security Reserve Fund (nicknamed , "the piggy bank of the pensions") was created in 2000 with the aim of investing current social security surpluses to finance future State Pension Scheme shortfalls. It was created as one of the recommendations of the tri-partite of 1995 between government, employers and trade unions. In 2009 the fund amounted to 60 Bn€ and in 2010 assets had increased to 64 Bn€. Origins 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. Finances 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. The economic crisis caused a significant reduction ... [...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 th ... [...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] |
Spanish Government
gl, Goberno de España eu, Espainiako Gobernua , image = , caption = Logo of the Government of Spain , headerstyle = background-color: #efefef , label1 = Role , data1 = Executive power , label2 = Established , data2 = , label3 = Country , data3 = Kingdom of Spain , label4 = Appointed by , data4 = Monarchy of Spain, Monarch , label5 = Main organ , data5 = Council of Ministers (Spain), Council of Ministers , label6 = Responsible to , data6 = Cortes Generales , label7 = Constitution instrument , data7 = Government Act of 1997 , header8 = Cabinet , label9 = Members , data9 = Sánchez II Government, Sánchez Government , label10 = Prime Minister of Spain, Prime Minister , data10 = Pedro Sánchez , label11 = Deputy Prime Minister of Spain, Deputy Prime Minister , data11 = Nadia Calviño , label12 = Number of members , data12 = 23 , ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spanish Economic Crisis Of 2008
Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain ** Spanish language, spoken in Spain and many Latin American countries ** Spanish cuisine Other places * Spanish, Ontario, Canada * Spanish River (other), the name of several rivers * Spanish Town, Jamaica Other uses * John J. Spanish (1922–2019), American politician * "Spanish" (song), a single by Craig David, 2003 See also * * * Español (other) * Spain (other) * España (other) * Espanola (other) * Hispania, the Roman and Greek name for the Iberian Peninsula * Hispanic, the people, nations, and cultures that have a historical link to Spain * Hispanic (other) * Hispanism * Spain (other) * National and regional identity in Spain * Culture of Spain The culture of ''Spain'' is based on a variety of historical influences, primarily based on the culture of ancient Rome, Spain being a prom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payroll Taxes
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital such as higher education. National payroll tax systems Australia The Australian federal government (ATO) requires withholding tax on employment income (payroll taxes of the first type), under a system known as pay-as-you-go (PAYG). The individual states impose payroll taxes of the second type. Bermuda In Bermuda, payroll tax accounts for over a third of the annual national bu ... [...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] |
Economy Of Spain
The economy of Spain is a Developed country, highly developed social market economy. It is the world's List of countries by GDP (nominal), sixteenth-largest by nominal GDP and the List of sovereign states in Europe by GDP (nominal), sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the OECD, Organization for Economic Co-operation and Development and the World Trade Organization. In 2021, Spain was the List of countries by exports, twentieth-largest exporter in the world and the List of countries by imports, sixteenth-largest importer. Spain is listed List of countries by Human Development Index, 27th in the United Nations Human Development Index and List of countries by GDP (PPP) per capita, 37th in GDP per capita by the World Bank. According to ''The Economist'' in 2005, Spain had the world's 10th highest quality of life. Some of the main areas of economic activity are the automotive industry, medical device, medical technology, chemicals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
