Most people tend to associate the contribution paid with retirement only. This is not the case. The social security contribution that you pay on your income or basic wage / salary is an insurance scheme. The scheme provides the following benefits – which are referred to as contributory benefits:
o Guaranteed retirement pension.
o Invalidity pension.
o Early Survivor pension.
o Survivor pension.
o Unemployment benefit.
o Sick leave benefit.
The above benefits are directly linked to the contribution that you pay on your income or basic wage / salary. If, for example, you only pay a 20 year contribution when the contributory history to receive a full pension is 40 years (if you were born between 1962 and 1968) then you will receive a benefit calculated on a pro-rata basis.
More in dept information about the above benefits can be found here.
Information about contributions that you pay during your period of employment can be found at : link.