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Sector Analysis
NewArgentina Statutory and Private Employee Benefits, 2024 Update
Argentina Statutory and Private Employee Benefits Overview The Argentina social security system is comprehensive covering a wide variety of benefits such as retirement, death in service, long-term disability, short-term sickness, medical, workers’ compensation insurance, and maternity and paternity benefits. Furthermore, in Argentina, employers offer additional benefits to their employees through a defined contribution pension system, group health insurance plans, group life insurance plans, and a group personal accident insurance plan. The defined contribution pension plans are not too prevalent in...
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Sector Analysis
NewPeru Statutory and Private Employee Benefits, 2024 Update
Peru Statutory and Private Employee Benefits Overview The social security system in Peru is undergoing significant change. The informal nature of the labor market is the reason for low social security contributions. Most workers are self-employed and there are lack of information and valuation within the system. In the early 1990s, the social security system established the Sistema Privado de Pensiones (private pension system, or SPP) to provide benefits in the event of old age, disability, and death. This was...
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Sector Analysis
NewCzech Republic Statutory and Private Employee Benefits, 2024 Update
Czech Republic Statutory and Private Employee Benefits Report Overview The Czech Republic has a well-developed social security system. Employers, employees, and self-employed people contribute to the social security schemes. The country’s social security system is built on three pillars: compulsory social insurance, state social support system, and social assistance. Compulsory social insurance covers pension insurance, health insurance, and the national employment policy system. The non-contributory state social support system supports families with dependent children. The final pillar, tax-financed social assistance,...
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Sector Analysis
Norway Statutory and Private Employee Benefits, 2024 Update
Norway Statutory and Private Employee Benefits Overview The Norwegian employee benefits market is predominantly controlled by the public social security system. However, the growth of labor-intensive industries has fuelled the growth of the country’s private benefits market over the last decade. In Norway, general social insurance schemes are provided to citizens through the public social security system, which is overseen by the Norwegian Labor and Welfare Administration (Arbeids- og velferdsetaten; NAV). This system is important to the welfare system of...
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Sector Analysis
Portugal Statutory and Private Employee Benefits, 2024 Update
Portugal Statutory and Private Employee Benefits Overview 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 Family Support System, Welfare, and Solidarity subsystems comprise the Public Social Security System. The Portugal employee benefits report provides in-depth industry analysis, information, and insights into employee benefits in Portugal, including an overview...
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Sector Analysis
Slovakia Statutory and Private Employee Benefits, 2024 Update
Slovakia Statutory and Private Employee Benefits Overview 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. The Slovakia employee benefits report provides in-depth industry analysis, information, and insights into employee benefits in Slovakia, including an overview of the state and compulsory benefits, detailed information...
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Sector Analysis
Russia Statutory and Private Employee Benefits, 2024 Update
Russia Statutory and Private Employee Benefits Overview Russia underwent major economic and political changes following the collapse of the Soviet Union in the 1990s. During this two-decade transition period, several changes were made to the country's social security system. The development of private employee benefit plans took place. A three-tier pension system was established. Cost-of-living compensation was set up. The current geopolitical situation in Russia is causing significant stress and anxiety for the Russian as well as MNCs’ employers. Companies...
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Sector Analysis
Ukraine Statutory and Private Employee Benefits, 2023 Update
Ukraine Statutory and Private Employee Benefits Overview           Ukraine started the national social security system and socioeconomic reforms after gaining independence. The system is divided into Compulsory State Social insurance, which is funded by employee and employer contributions, and Family and Social Benefits and Services which are financed by the government. The country's employment rate was negatively affected by its transition to an open-market economy. This resulted in economic depression and hyperinflation. The Ukraine employee benefits report provides in-depth industry analysis,...
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Sector Analysis
Lithuania Statutory and Private Employee Benefits, 2024 Update
Lithuania Statutory and Private Employee Benefits Overview Lithuania inherited a Soviet-style pension system with characteristics such as generous early retirement provisions, privileges for certain occupational groups, and a weak link between contributions and benefits. The economic crisis in the 1990s forced the Lithuanian government to undertake pension system reforms in 1995. The reforms aimed to make changes in the State Social Pension Insurance (first pillar). Their goal was to eliminate generous early retirement provisions and enhance system stability. Additionally, they...
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Sector Analysis
Denmark Statutory and Private Employee Benefits, 2024 Update
Denmark Statutory and Private Employee Benefits Report Overview Danish social security operates a societal model in which the state assumes primary responsibility for the welfare of its citizens. It covers benefits such as hospitalization, sickness, and maternity benefits; benefits regarding accidents at work and occupational diseases; funeral expenses; disability pension; old-age and supplementary pensions; family benefits; and unemployment benefits. Denmark is among the few countries in the world, which adjusted to the challenge of providing its citizens with a flexible...