Argentina 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 Argentina because of the robust presence of the SIPA public pension system.

The Argentina employee benefits report provides in-depth industry analysis, information, and insights into employee benefits in Argentina, including an overview of the state and compulsory benefits, detailed information about the private benefits, 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 Argentina.

Argentina Employee Benefits - Regulations

A few of the various laws guiding employee benefits in Argentina are:

• Integrated Retirement and Pension Law No. 24,241, of 1993
• Pension Law No. 26,417
• Social Security Law No. 25,994, of 2004
• Employment Contract Act No. 20,744 (ECA) and its amendments
• The Workday Act No. 11,544
• The Employment Injuries Act No. 24,557
• Employment Law No. 24,013
• The Collective Bargaining Act No. 14,250
• Universal Health Care, 2016

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Argentina Employee Benefits - State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Argentina are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.

Retirement Benefits: Retirement benefits ensure that employees receive an assured level of financial protection after their working lives are over. In Argentina, it is provided in three forms including, old-age pension, advanced old-age pension, and non-contributory old-age pension. Old-age pension is a compulsory social insurance scheme covering employees and self-employed individuals. It is also offered as a voluntary scheme for people affiliated with professional provincial systems, clergy, housewives, directors, shareholders, board members of cooperatives, and certain other groups of people.

Argentina State and Compulsory Benefits

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Argentina Employee Benefits - Private Benefits

The key private benefits offered by employers in Argentina are retirement benefits, disability benefits, death benefits, medical benefits, accidental death and dismemberment benefits, and other benefits.

Retirement Benefits: A few large multinational employers provide supplementary retirement plans which are mainly established through the ‘Collective Bargaining Agreement for employees of the commercial and services sector (CBA 130/75)’ and mandatory for the employees of that organization. Moreover, all the full-time employees of a company are eligible to avail of this benefit. The normal retirement age is 65 years for men and 60 years for women. The benefits are paid as a lifelong annuity and under this plan death and disability benefits are also offered by employers to their employees.

Argentina Private Employee Benefits

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Scope

This report provides a detailed analysis of employee benefits in Argentina:

• It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
• It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, social inclusion programs, leaves and holidays, and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Argentina

Key Highlights

• Ministry of Labor, Employment and Social Security(Ministerio de Trabajo, Empleo y Seguridad Social), Ministry of Health (Ministerio de Salud), ANSES (Administración Nacional de la Seguridad Social), and Superintendent of Health Services (Superintendente de Servicios de Salud) organizations are responsible for the functioning of the overall social security system.

• A person’s national insurance contribution is determined based on their income.

• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.

• In Argentina, employers provide voluntary retirement benefits to their employees through supplementary retirement plans

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country.
• Assess employee benefits of the market, including state and compulsory benefits and private benefits.
• Gain insights into the key employee benefit schemes offered by private employers in the country.
• Gain insights into key organizations governing the employee benefits market, and their impact on companies.