Groups
Of Insured
As an employee your
pension insurance is mandatory. Your employer deducts every month
from your paycheck the contributions for Social
Security and forwards that amount of money to the insurance carrier.
The insurance carrier registers the month for which the money has
been paid and the amount of your salary by which the amount of your
contributions are determined. The same applies for workers who are
in an apprenticeship or any other form of professional training.
Under certain conditions
students may also be required to pay their
contributions into the system. This happens when the student during
his or her stay at a college or university holds a job on the side
and the resulting salary exceeds a certain annual amount.
Members
of the military and other civil services enjoy an automatic
pension insurance without having to contribute out of their own pockets.
The duration of their services is equal to any required waiting period.
For unemployed
workers who are drawing unemployment benefits, the
Department of Labor will pay the contributions on their behalf.
Males and
females who have raised their own children will receive
credits on their accounts with the insurance carrier in the form
of monthly contributions.
All paid and credited monthly contributions on your insurance carrier's
account will be added up and will determine the time-period you have
been insured. Together with the amount of your contributions it will
determine the amount of your pension pay-outs.
Therefore it is of absolute importance that ALL monthly contributions
are registered by the insurance carrier and credited to your account.
We will help you with making sure that your account is properly
credited by providing proof to the insurance carrier in cases of
missing data.
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