Very often the high social security contributions made by companies are blamed as an obstacle to their competitiveness, particularly in our country. However, the argument does not touch on the positive role that social protection can play in workers’ productivity, as suggested by the experience of the most competitive European countries. This study constitutes a contribution to the research Pensiones y prestaciones por desempleo (Pensions and Unemployment Benefits) (Fundación BBV, page 66). It establishes the theoretical role that social protection elements may play in the overall process that determines competitiveness, and explores quantitatively the relationships in place in the case of Spain.