First law: 1967.
Current law: 1987 (effective December 20,1991).
Type of program: Social insurance system.
Exchange rate: Currency is the U.S. dollar.
Gainfully occupied persons, including self-employed (For self-employed with no employees, gross earnings under $10,000 per year but more than $300 per quarter, coverage is optional).
Exclusions: Casual labor and self-employed with no employees and annual gross income of less than $300 per quarter.
Insured person: 4% of earnings. Self-employed, 8% of twice the salary of highest paid employee (if none, of 1/4 gross revenue).
Employer: 4% of payroll.
Government: None, except for contribution as employer.
Maximum earnings for contribution and benefit purposes: $3,000 a quarter.
Old-age pension: Age 60 and 1 quarter of coverage for each year after June 1968 up to age 60.
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 at least 8 quarters of coverage in 13 quarters preceding death.
Pension reduced $1 for each $3 of earnings above $500 a quarter.
Payable abroad if reciprocity exists.
Old-age pension: 16.5% of the first $11,000 of cumulative covered earnings, plus 2.7% of earnings between $11,000 and $44,000, plus 1.35% of earnings over $44,000.
Minimum: $47.50 a month.
Dependents' allowance: None.
Disability pension: Same as old-age pension, above.
Minimum: $47.50 a month.
Dependents' allowance: None.
Survivor pension: 60% of deceased's, 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: $47.50 a month; maximum, 100% of insured's pension.
Social Security Administration, administration of program.
Please note: This information is more than 6 years old.