Social insurance was created in order to guarantee sufficient support and social benefits for people in situations of need, especially in the event of unemployment. Supports and additional benefits shall be free to all people living and working in Spain, or nationals holding a Spanish Passport.
In both cases, Social Security covers the following benefits:
To check the complete list of benefits visit the following link – Seg-social.es http://www.seg-social.es/Internet_6/Trabajadores/PrestacionesPension10935/index.htm
The amount of pension granted is determined by applying the general percentage according to the number of years contributed and, if applicable, the additional percentage for prolonging their working life, when retiring above the ordinary retirement age at any time and the applicable reduction quotient.
The percentage varies depending on the number of years the individual has been making Social Security contributions. A scale is applied that begins with 50% at 15 years, increasing from the sixteenth year by 0.19% for each additional contribution month from month 1 to month 248, and by 0.18% for those who pass 248 months. The percentage applicable to the base pension can never exceed 100%, except in cases where the individual accesses their pension at a later age than is applicable to them.
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