What Is Social Security?
Compulsory contributions paid by employees and employers to fund public welfare programmes.
Definition
Social security (also called social insurance or national insurance) refers to mandatory contributions from employees and/or employers that fund state benefits such as pensions, unemployment insurance, healthcare, sick pay and maternity pay. Rates differ by country.
Related calculators
Use these tools to work with social security in your planning.
Salary Calculator
Estimate gross salary, net pay, income tax, employee contributions, pension, health insurance and employer cost.
Open Salary CalculatorFreelancer Hourly Rate Calculator
Calculate the minimum hourly or daily rate needed to reach your target net income as a freelancer.
Open Freelancer Hourly Rate CalculatorOther glossary terms
Gross Salary
Your salary before taxes and deductions are removed.
Read definitionNet Salary
Your salary after all taxes and deductions are removed — the amount you actually receive.
Read definitionIncome Tax
A tax paid on earned income, deducted from your salary or paid on profit.
Read definitionPension Contribution
Money set aside from your salary into a pension fund for retirement.
Read definition