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Spanish Social Security
All those European workers who are now free to seek employment in Spain on equal terms with Spaniards will want to know what the Spanish Social Security system will cost them and what it has to offer. It’s never too soon to start thinking about your old age.
Many complications arise in the calculation of Social Security payments and benefits, depending on the age of the worker, time of payment, dependents and other factors, but the short version goes like this:
Self Employed
If you are a self-employed worker such as a plumber or a business operator, you are required by law to pay into the Spanish Social Security system in the autónomo scheme, which will cost you a minimum of €205.54 a month.
The minimum time to qualify for a minimum retirement pension is 15 years but you need to pay for 35 years to get a full pension. The minimum is half the full pension.
If you had paid into the Spanish system at this minimum rate for the last 35 years, reached the age of 65, had a spouse under your support who received no other State pension, you would receive a pension of €453.98 a month.
If you paid only 15 years, you still qualify for a pension but it is reduced by the number of years less than 35 that you have paid into the system. So, a person who paid 15 years will get half of €453.98 per month.
Remember that you will receive 14 payments a year, not 12. It’s just like the workers’ pay. You get an extra month each at Christmas and in the summer.
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