Australia has a universal tax-financed social security system that provides the same amount for all retirees whose incomes fall below a specified amount. This is called the Age Pension.
In addition, all Australian workers participate in a universal pension system, which requires all employers to contribute the same percentage of pay to accounts for employees. . Employees can voluntarily contribute additional amounts on a tax-favored basis.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2004-2005/asia/australia.pdf
Canada has a universal tax-financed social security system that provides payments based on earnings. This Canada Pension Plan covers all Canadians except those in Quebec, who are covered by the Quebec Pension Plan.
There is a second tax-financed system called Old-Age Security, which provides benefits based on years of residence in Canada to retirees whose income falls below certain levels.
Many Canadian workers are also covered by pension plans voluntarily provided by their employers. Typically, both employers and employees contribute to these plans.
In addition, Canadian workers can voluntarily contribute to tax-deferred Registered Retirement Savings Plans.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2004-2005/americas/canada.pdf
France has a universal tax-financed social security system that provides all retirees payments based on earnings.
In addition, all French workers also participate in a universal pension system which requires all employers and employees to contribute to industry-wide pension plans.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2006-2007/europe/france.pdf
Germany has a universal tax-financed social security system that provides all retirees payments based on earnings.
Many German workers are also covered by pension plans voluntarily provided by their employers. Both employers and employees contribute to these plans.
In addition, German workers can voluntarily contribute to tax-deferred savings plans called “personal pensions”.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2006-2007/europe/germany.pdf
Italy has a universal tax-financed social security system that provides all retirees payments based on earnings.
A small percentage of Italian workers are also covered by pension plans provided by their employers.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2006-2007/europe/italy.pdf
Japan has a universal tax-financed social security system that pays a flat benefit to all retirees based on the number of years they contributed to the system. In addition, most retirees also receive a government-provided benefit based on their earnings.
Many Japanese workers also have employer-provided pensions. These are primarily defined benefit plans, though legislation in 2001 allowed the creation of defined contribution plans, based to some extent on 401(k) plans, where the employee manages the investments.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2004-2005/asia/japan.pdf
The Netherlands has a universal social security system that provides the same amount for all retirees who have lived in the Netherlands their entire adult lives.
In addition, almost all Dutch workers participate in a universal pension system, which requires all employers and employees to contribute to plans set up by their employers and unions, typically on an industry-wide basis.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2006-2007/europe/netherlands.pdf
Spain has a tax-financed social security system that pays benefits to most workers based
primarily on years worked, but with a small part based on earnings. Groups of workers
excluded from the general plan are covered by special plans,
Relatively few Spanish workers participate in employer-provided pension plans.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2006-2007/europe/spain.pdf
Sweden has a universal social security system that provides basic lifetime benefits plus a small individual account. These both are financed by employer and employee taxes
In addition, most Swedes are covered by employer-provided individual account plans with contributions paid by employers.
For more information about the basic benefit, see
For more information about the individual accounts system, see
http://assets.aarp.org/rgcenter/econ/ib60_swe_iap.pdf
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2006-2007/europe/sweden.pdf
The United Kingdom has a universal tax-financed Social Security system that provides a flat benefit, called the Basic State Pension, which is tied to years of work (but not earnings). The U.K. also provides a benefit based on earnings. A unique feature of the British system is that everyone has the option of voluntarily withdrawing from the earnings-related social security system if they participate in a pension that is at least as generous.
Many British workers are also covered by employer-provided occupational pensions and voluntary personal pensions.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2006-2007/europe/unitedkingdom.pdf
The United States has a universal tax-financed social security system that provides lifetime benefits based on earnings. .
More than a third of retirees also receive benefits from occupational pension plans, which are voluntarily provided by employers.
For further information see:
http://www.ssa.gov/policy/docs/progdesc/ssptw/2004-2005/americas/united_states.pdf
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