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The public system in Spain

by Jan 18, 2024Sin categorizar0 comments

The public pension system in Spain is financed by social security contributions. social security contributions. In general, the contribution base is the result of adding the proportional part of the extra payments to the monthly remuneration. .

Social security contributions represent 11.4% of GDP in Spain, somewhat lower than in France (16.9%), Italy (13.1%) and Germany (14%).

In the last few years, the amount allocated to pensions has been depleted due to the economic situation the country has been going through, which is why measures have had to be taken, among which the most controversial has been the Intergenerational Equity Mechanism (MEI), a measure created to balance the pension system by temporarily increasing the contributions of the workers . In thisway, the resources destined to the payment of pensions are increased.

In summary, the contribution corresponding to the Intergenerational Equity Mechanism for fiscal year 2024 will be 0.70 percentage points. Of this percentage, 0.58% will be paid by the company and 0.12% by the employee.


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