Summary

Colombia has a basic social security system with low coverage and participation. The country’s social insurance system was initially introduced for public sector employee groups only. Private sector employees secured coverage in 1946. Pension benefits were introduced with the creation of the Social Security Institute (ISS) in 1967. However, the ISS faced problems immediately due to low coverage and participation rates. To overcome this problem, the government created a new social security system through Law 100 of 1993. The law introduced a dual public-private competitive pension system - Régimen de Prima Media or average premium scheme (RPM), and the Régimen de Ahorro individual con Solidaridad, or individual savings system with solidarity (RAIS). In 2012, the administration of RPM was transferred from ISS to Colpensiones, a state-owned financial institution supervised by the Ministry of Labor, due to problems with debt and inefficiency. Private sector employees can choose between RPM and RAIS and have the option to change their membership once every fiv...

Summary

Australia has one of the most developed and well-established welfare systems. In order to ensure decent living conditions for its citizens, the Australian government operates various welfare schemes. The main outgoing expenditures of the Australian government include income support payments and the payment of expenditures to families, including retirement benefits and other pensions. The Australian pension system is divided into three pillars: the first is funded through general taxation revenue with a flat rate benefit regardless of the individual’s previous earnings; while a superannuation guarantee forms the second pillar, which is a mandatory concessional-taxed savings system; and the third pillar is a voluntary superannuation contribution system assisted by tax concessions. The Australian social security system also supports unemployed people with the new start allowance. People who are unable to support themselves through work or savings are supported through payments such as family tax benefit, supplementary payments and income support payments. The ...

Summary

The National Social Security Institute (NSSI) is responsible for managing all the social security schemes in the Republic of Bulgaria. It administers mandatory social security schemes such as sickness, maternity, occupational diseases, workplace accidents, disability, old-age and survivor’s pensions. Irrespective of whether a person is employed, unemployed or self-employed, Bulgarians are covered under certain social security schemes. In Bulgaria, the pension system is classified into four pillars: the pay-as-you-go (PAYG) public pension insurance scheme, which is mandatory; supplementary compulsory pension insurance, which is divided into the Universal Pension Fund and the Professional Pension Fund; voluntary pension funds; and voluntary occupational schemes regulated by the Institutions for Occupational Retirement Provision (IORP) directive. Voluntary occupational schemes are managed by pension fund companies.

The report provides in-depth industry analysis, information and insights of the employee benefits in Bulgaria, including: overview of the st...

Summary

Romania has a well-established social security system. In order to provide its citizens with decent living conditions, the Romanian government provides various social security schemes in close association with private institutions. The Romanian pension system is divided into three pillars - the first is a mandatory public pension system, which functions as a pay-as-you-go (PAYG) system. Privately administered pension fund schemes form the second pillar and voluntary occupational pension schemes form the third pillar. The public social protection institutions run different schemes at both central and local levels of administration. At the central level of management, the ministries and the national agencies are responsible for providing protection to individuals in the form of benefits such as sickness and health, maternity, old-age, accidents at work and occupational diseases, family and child benefits, unemployment and invalidity benefits. At a local level of management, based on the social solidarity and social inclusion principles, the officers of the mayo...

Summary

Following independence in 1993, the Slovak government reformed taxation, healthcare, pensions and the social welfare system. These reforms helped the government to consolidate the budget and move towards joining the EU in 2004. The country also introduced several investor-friendly policies - including labor market liberalization and a flat 19% tax regime - which encouraged global investors to participate in the country’s economy until 2008; particularly in the automotive and electronic sectors.

The report provides in-depth industry analysis, information and insights of the employee benefits in Slovakia, including: overview of the state and compulsory benefits in Slovakia, detailed information about the private benefits in Slovakia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Slovakia.

Key Highlights

- The Slovak social security system consists of four main branches: social insurance, health insurance, sta...

Summary

The Slovenian social security system includes social insurance, social assistance scheme and family benefits. It covers the risks of employees, self-employed persons, unemployed persons, persons taking care of family members, and individuals without the necessary minimum resources. Contributions to the social security system are made by employees, employers, and self-employed individuals. The total employee and employer contribution rates amount to 22.10% and 16.10% of the gross earnings of employees respectively, with no maximum amount. Self-employed individuals have to pay both employer and employee contributions at the same rate. The Ministry of Labor, Social Affairs and Family and Equal Opportunities is the administrative body that governs social security system in Slovenia. Voluntary supplementary pension programs are offered to employees by private companies.

The report provides in-depth industry analysis, information and insights of the employee benefits in Slovenia, including: overview of the state and compulsory benefits in Slovenia, detailed ...

Summary

The Zambian social security system is based on the social insurance model and provides protection against income loss due to retirement, disability and death. All employed individuals in the formal sector are required to contribute to statutory pension scheme. Individuals not covered by the scheme can contribute voluntarily. The insurance industry’s growth was recently affected by bottlenecks such as its legal framework, fiscal regime and investment climate, which are expected to be addressed soon by the Pensions and Insurance Authority.

The report provides in-depth industry analysis, information and insights of the employee benefits in Zambia, including: overview of the state and compulsory benefits in Zambia, detailed information about the private benefits in Zambia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Zambia.

Key Highlights

- The main state and compulsory benefits in effect in Zambia include ol...

Summary

Mexico’s social security system was introduced in 1942 and has since evolved in terms of scope and coverage. The Mexican Social Security Institute (IMSS) and the Institute for Security and Social Services for Government Workers (ISSSTE) are the governing bodies of social security system. The existing social security system was introduced on July 1, 1997 and is based on defined contributions instead of the earlier pay-as-you-go system. The system provides coverage for disability, death and retirement benefits. Individual accounts are created for employees and contributions made by employee, employer and government are credited therein.

The report provides in-depth industry analysis, information and insights of the employee benefits in Mexico, including: overview of the state and compulsory benefits in Mexico, detailed information about the private benefits in Mexico, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Mexico. $1,495.00 ]]> Fri, 14 Dec 2018 12:46:34 +0000 https://www.leadingmarketresearch.com/employee-benefits-in-the-philippines-2017

Summary

The Philippines is seen as one of Asia’s most socially progressive countries, because of its commitment to providing citizens with secured livelihoods; the Philippine constitution guarantees individuals complete social, economic and cultural rights. Female employees and the primary labor force are granted special rights. However, the county has a long way to go in terms of providing full social entitlement to all citizens. Furthermore, distribution of benefits is unbalanced, and only a small proportion of the population benefits.

The report provides in-depth industry analysis, information and insights of the employee benefits in Philippines, including: overview of the state and compulsory benefits in Philippines, detailed information about the private benefits in Philippines, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Philippines.

Key Highlights

- Social security in the Philippines is based on the Social...

Summary

The Republic of Singapore’s social security system is founded on principles of self-provision and self-reliance; the government limits expenditure on social security schemes. Government policy has been that each generation must earn and save enough for their entire life cycle, with each individual responsible for their own financial sustenance after retirement. The Central Provident Fund (CPF) is a key component of the Singaporean social security system. Most mandatory and state-sponsored benefits are limited to nationals and permanent citizens.

The report provides in-depth industry analysis, information and insights of the employee benefits in Singapore, including: overview of the state and compulsory benefits in Singapore, detailed information about the private benefits in Singapore, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Singapore.

Key Highlights

- The CPF plays an important role in Singapore’s ...

Summary

The UK has one of the most comprehensive and well-established welfare systems in the world. It is predominantly controlled by the social security system. Welfare benefits in the country are disbursed under various schemes, such as cash benefits, healthcare, education, housing and personal social services. Cash benefits are classified into three subgroups: national insurance; means-tested; and non-contributory benefits.

The report provides in-depth industry analysis, information and insights of the employee benefits in UK, including: overview of the state and compulsory benefits in UK, detailed information about the private benefits in UK, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in UK.

Key Highlights

- The Department for Work and Pensions (DWP) is responsible for the functioning of the overall social security system.
- Most private benefit plans in the UK are voluntary in nature (excluding work injury, m...

Summary

Russia underwent major economic and political change following the collapse of the Soviet Union in 1991. During this two-decade transition period, several changes were made to the country’s social security system, including the development of private employee benefit plans, the establishment of a three-tier pension system, and the setting up of cost-of-living compensation.

The report provides in-depth industry analysis, information and insights of the employee benefits in Russia, including: overview of the state and compulsory benefits in Russia, detailed information about the private benefits in Russia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Russia.

Key Highlights

- In Russia, state and compulsory benefits such as retirement, death in service, long-term disability, short-term sickness, medical, maternity and paternity, family allowance, long-term care and unemployment are supervised by the Ministry ...

Summary

Denmark is one of the few countries in the world that adjusted well to the challenge of providing an established social security system and a flexible labor market for its citizens. It was one of the first countries to adopt a multi-pillar pension system, comprising a flat-rate residence-based national pension and private occupational pensions based on collective agreements. The first pillar is the state and compulsory pillar, providing universal cover. It consists of two tiers - the first is a residence-based Folkepension (national or social pension), while the second consists of a number of fully funded supplementary schemes. The second pillar is a quasi-mandatory scheme, which includes privately managed fully funded occupational schemes, and the third pillar consists of voluntary, supplementary pension schemes which are managed by banks or insurance companies. Most branches of the Danish social security system are compulsory, except unemployment insurance, and are financed by taxation.

The report provides in-depth industry analysis, information and ...

Summary

Kenya’s social security system is considered important for the security of workers, their families and the community as a whole. The Kenyan social security system is divided into three pillars - a public scheme, occupational schemes and individual schemes.

The report provides in-depth industry analysis, information and insights of the employee benefits in Kenya, including: overview of the state and compulsory benefits in Kenya, detailed information about the private benefits in Kenya, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Kenya.

Key Highlights

- The Kenyan social security system provides compulsory benefits such as old-age, disability, sickness, death, maternity, work injury, unemployment and medical care, for different groups of individuals such as children, employed, unemployed, retired or elderly individuals.
- In Kenya, private benefits are classified under the second and third pillars - occu...

Summary

Uganda’s social security system only covers a small portion of the population. The majority of workers and their families are not covered under the country’s social security system; however, the government plans to introduce new social security benefits. The government is planning to include maternity and unemployment benefits; health insurance; funeral grants; and school fees for the children of workers. The two important formal social security schemes in Uganda are the National Social Security Fund (NSSF) and the Public Service Pension Scheme.

The report provides in-depth industry analysis, information and insights of the employee benefits in Uganda, including: overview of the state and compulsory benefits in Uganda, detailed information about the private benefits in Uganda, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Uganda.

Key Highlights

- State benefits are granted by the government of a particula...

Summary

The Dominican Republic has a comprehensive social security system. There are three schemes under which social security benefits are granted to the country’s residents and citizens: a contributory scheme that covers employees; a contributory subsidized scheme for self-employed individuals and technicians that is yet to be implemented; and a fully subsidized scheme that covers unemployed and severely disabled persons who do not have a stable income and earn below the minimum wage. The 2003 economic crisis forced the government to reduce public social spending, discontinue several programs and focus on the social protection of the country’s poorest residents through the introduction of the solidarity card and programs like the eating first incentive program, attendance incentive and incentive for higher education.

The report provides in-depth industry analysis, information and insights of the employee benefits in Dominican Republic, including: overview of the state and compulsory benefits in Dominican Republic, detailed information about the private b...

Summary

The social security system in Cyprus is comprehensive and covers all gainfully employed and self-employed people. The state, employers and employees are the main participants in the social security system. The system has evolved and changed significantly during the last few years due to the euro zone debt crisis and the resultant contraction of the Cypriot economy. Cyprus accessed a EUR10.0 billion (US$11.09 billion) bailout program from the European Commission, European Central Bank and the International Monetary Fund (IMF) (collectively known as the Troika) in 2013 to correct the economic imbalance.

The report provides in-depth industry analysis, information and insights of the employee benefits in Cyprus, including: overview of the state and compulsory benefits in Cyprus, detailed information about the private benefits in Cyprus, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Cyprus.

Key Highlights

- Accord...

Summary

The Irish social security system covers company employees, self-employed persons, the unemployed, people with less than minimum resources and dependent family members of deceased employees. The Irish social welfare system is divided into social insurance payments, means-tested payments and universal payments. The payment of social insurance is mandatory; both employers and employees must contribute pay related social insurance (PRSI) contributions to the national Social Insurance Fund (SIF). Self-employed persons pay Class S social insurance contributions directly to the Revenue Commissioners, although these are not required to pay after the age of 66. A range of state benefits are available for Irish residents, which are subject to a number of conditions other than social insurance contribution requirements. Companies across the country also provide customized private benefits to their employees as a supplement to state benefits.

The report provides in-depth industry analysis, information and insights of the employee benefits in Ireland, including: ov...

Summary

The Portuguese social security system is based on universality; it ensures that the social protection provided by the system is available for everyone. It consists of the Public Social Security System, the Social Action System and the Supplementary System. The Public Social Security System has three subsystems called Welfare, Solidarity and Family Support System. Welfare system is a contributory scheme that protects the employed and the self-employed against the risk of losing a regular income due to sickness, maternity, unemployment, disability, death, retirement and occupational diseases. The solidarity system is a non-contributory system that guarantees the citizenship rights and aims to eliminate poverty. It is primarily meant for agricultural workers who are not covered under the welfare system. In the event of disability and dependency, the provision of financial support to meet family expenditures is made by Family Support System. Social Action System is aimed at protecting the interests of special categories of people such as children, disabled youngs...

Summary

Poland has a well-developed social security system that covers the risks of employees, self-employed persons and their family members. Zakład Ubezpieczeń Społecznych (Social Insurance Institution - ZUS) is the Polish state organization responsible for social insurance benefits. ZUS is supervised by the Ministry of Labor and Social Policy and is responsible for sickness and maternity cash benefits, as well as pensions for retirement, invalidity, survivors, accidents at work and occupational diseases.

The report provides in-depth industry analysis, information and insights of the employee benefits in Poland, including: overview of the state and compulsory benefits in Poland, detailed information about the private benefits in Poland, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Poland.

Key Highlights

- Employee benefits that are established by law are called as state and compulsory benefits.
- Social insu...

Summary

Nigeria’s social security system is based on the principle of defined-benefits (pay-as-you-go), and is generally managed by the state government. The social security system covers a limited number of benefits and provides them based on the insured’s contribution period. Nigeria also has an informal social security system to which people can contribute voluntarily.

The report provides in-depth industry analysis, information and insights of the employee benefits in Nigeria, including: overview of the state and compulsory benefits in Nigeria, detailed information about the private benefits in Nigeria, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Nigeria.

Key Highlights

- The Nigerian social security system is in place to protect people from risks such as poverty, poor health, old age, disability and death.
- Private benefits are additional benefits granted by employers over and above state and compulsory...

Summary

The Belgian social security system covers a large proportion of the country’s population, and plays a significant role in its employee benefits landscape. However, the recent debt crisis in European Union (EU) member states had an adverse impact on the employee benefits market. The Belgian government has had to tackle economic imbalances and rising unemployment over the past few years, and the private benefits market was affected by the sovereign debt crisis. Both the state and private benefits markets in Belgium are undergoing transformation, and are expected to improve in the coming years.

The report provides in-depth industry analysis, information and insights of the employee benefits in Belgium, including: overview of the state and compulsory benefits in Belgium, detailed information about the private benefits in Belgium, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Belgium.

Key Highlights

- The Belgia...

Summary

The Norwegian employee benefits market is predominantly controlled by the public social security system; however, the growth of labor-intensive industries has fueled the growth of the country’s private benefits market over the last decade. The public social security system, which is supervised by The Norwegian Labor and Welfare Administration (folketrygden, NAV), plays a significant role in the country’s welfare system and is responsible for providing general social insurance schemes to the citizens of Norway. Other schemes such as the Family Allowance Scheme and the Scheme for Cash Benefit for Families with Small Children are also contributing to the overall development of the country’s social welfare system.

The report provides in-depth industry analysis, information and insights of the employee benefits in Norway, including: overview of the state and compulsory benefits in Norway, detailed information about the private benefits in Norway, insights on various central institutions responsible for the administration of the different branches of s...

Summary

The Republic of Botswana has a range of social security programs, which cover the country’s citizens, as well as people belonging to poor and vulnerable groups residing in rural communities. According to the National Policy for Rural Development (Government of Botswana - GoB, 2002), the aim of these programs is to reduce poverty and provide a social safety cover to all Botswanan individuals. These include the Universal Old-age Pension, the Orphan Care Program, the Labor-Based Drought Relief Program, and Supplementary Feeding for Vulnerable Groups and the Program for Destitute Persons. The Botswana Federation of Trade Unions (BFTU) is the workers’ labor federation representing the country’s laborers. In 1997, Botswana published a document now known as Vision 2016, which projects that poverty will be eradicated in the country by 2016. Pensions play a vital role in enhancing the earnings of the country’s workforce after retirement. The government is also focusing on improving the social security framework to prevent people from falling into poverty. Priv...

Summary

The social security system in Peru is still undergoing significant change, with low social security contributions due to the informal nature of the labor market as most of the workers are self-employed and lack of information and valuation within the system. In the early 1990s, during the country’s financial crisis and the near-collapse of the Sistema Nacional de Pensiones (state-run pension system or SNP), the social security system introduced the Sistema Privado de Pensiones (private pension system, or SPP) to offer benefits in the event of old age, disability and death. The SPP is administered by private entities - Administradora de Fondo de Pensiones (pension fund administrators, or AFP). The SNP functions as a defined-benefit (DB) system and the SPP functions as a defined contribution (DC) system. The participation of private health contractors was promoted through a complementary scheme, under the supervision of the then Superintendent of Health Service Company (SEPS). The Comprehensive Health Insurance (SIS) was introduced in 2002 to provide universa...