Erm, OK?... People would receive 100% of their pay, and then use that pay to provide their money to an organisation on an as-needed basis for services? Sounds an awful lot like a private health care, private education and private everything else so long as you're rich enough to afford it type system to me. Suddenly your socialist system is sounding awfully capitalist and right wing? LOL
Meanwhile, who's paying to build public roads, maintain public transport, and myriad other systems, while the masses without enough money are going without? After all individuals won't be willing (or able) to pay outright to have highways built - and if they did who would be allowed to use the (effectively private) highways?
If you're about to suggest paying into a central fund for this to be effective and possible, think about that function that exists today called 'tax' and the treasury.
Also if you're to supply welfare to those without the necessary funds, you're essentially back to a similar system to we have now anyway?