[jamie_ca]

For comparison's sake, Canada Pension Plan (CPP) is provided across the country except in Quebec (because ofc Quebec has its own thing).

The current contribution rate is 10.2% of your gross pay, it's been 9.9% for at least the past few years but it's being bumped slightly over the next few). If you're an employee, the employer will pay half. That rate is only applicable on income between $3500 and the earnings ceiling of $57,400 (adjusted yearly based on inflation), so this year's maximum total contribution is $5497.80 - again if you're an employee you'll only see half of that deducted.

The Government keeps track of your total contributions, and you can opt to start receiving pension payments back at age 60, 65, or 70 - the later you wait the larger the payment. Generally speaking, you look back at all your contribution years, average your income compared to the earnings ceiling, and then scale it up to the average applicable income over the past 5 years, and the baseline is 25% of that. So if you retire in 2 years, and the average applicable happens to be this year's value, and on average over your working career you earned 75% of the applicable amount, your pension would be (57400-3500)0.750.25, or about $10k/year. Your income this year would have been about $43k, so that's reasonably close to 25%.

Funding is a little weird. The baseline plan is funded so as to supposedly not require increased contributions (but require that contributions do continue perpetually), but they're also adding an enhancement in 2023-2024 of 8% of income earned over the standard earnings ceiling, to a limit of 14% of the earnings ceiling, which is supposed to be a fully-funded benefit.

[pkaye]

Social Security contributions in the US are 6.2% for the employee and 6.2% for the employer. There is a yearly max contribution income threshold which slowly is adjusted every year.

I think you need about 10 years on contribution to get the maximum benefits possible though you can get some of it earlier for permament disabilities. At retirement age the the average of you top 35 years income is used to calculate how much benefits your earned. Those in the lower income bracket get a higher percent and the curve flattens out at higher income.