First law: 1967.
Current law: 1983 and 1996 amendment.
Type of program: Social insurance system.
Exchange rate: Currency is the U.S. dollar.
Gainfully occupied persons, including self-employed.
Exclusions: Casual labor working less than one week in one calendar month and self-employed with no employees, and with annual gross income of $10,000 or less; and family employment.
Insured person: 5% of earnings. Self-employed, 10% of twice the salary of highest paid employee (if none, of 2.5% of quarterly gross revenue).
Employer: 5% of payroll.
Government: None, except contribution as employer.
Maximum earnings for contribution purposes: $3,000 a quarter.
Old-age pension: Age 60 and 1 quarter of coverage for each year after June 1968 (or since age 21, if later) up to age 60, with at least 12 quarters of coverage. Pension reduced $1 for each $2 of earnings above $300 a quarter if re-employed.
Disability pension: Incapacity for substantial gainful activity due to impairment likely to last 1 year or result in death. 1 quarter of coverage for each year after June 1968 (or since age 21, if later), with at least 12 quarters of coverage; also 8 quarters of coverage during last 13 quarters.
Survivor pension: Deceased had 1 quarter of coverage for each year after June 1968 (or since age 21, if later), or with at least 8 quarters of coverage in 13 quarters preceding death.
Pension reduced $1 for each $2 of earnings above $300 a quarter.
Payable abroad if reciprocity exists.
Old-age pension: Effective July 1993, 16.5% of the first
$10,000 of cumulative covered earnings, plus 3% of next $30,000 of earnings, plus 2% of cumulative earnings over $40,000.
Minimum: $50 a month.
Dependents' allowance: None.
Disability pension: Same as old-age pension.
Minimum: $50 a month.
Dependents' allowance: None.
Survivor pension: 60% of deceased's pension, payable to widow or widower at any age.
Orphans: 15% of deceased's pension for each orphan under age 18 (22 if student; no age limit if disabled before age 22).
Minimum survivor pension: $50 a month; maximum, 100% of insured worker's pension.
Social Security Administration, administration of program.