Social security contribution

The Social Security contribution is called each quota that both employees and employers must pay to the State as a contribution. Normally, the contribution will correspond to a monthly fraction or percentage of the salary of a worker, entered by way of withholding in the Social Security system of the country in question. Said retention must be correctly recorded on each payroll given to the employee.

It is also known as a contribution to the total amount that the sum of active workers must contribute to the State in contributions to Social Security. The sum of the Social Security contributions of all workers in a country is one of the most important sources of financing for a State.

In Spain, for example, it is organized through the Quotation Account Code. An eleven-digit number is assigned to workers at the beginning of their working life and that will serve to identify them throughout their professional career. However, in terms of financing, it should be clarified that the financing of medical assistance is not covered by Social Security accounts.

 

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