Austria Statutory and Private Employee Benefits, 2023 Update
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Austria Statutory and Private Employee Benefits Report Overview
The Austrian social security system covers a large proportion of the population. The major principles upon which the system is based are statutory insurance, solidarity, and the self-administration of insurance providers. The main objectives of the Austrian labor market policy are to achieve full employment, keep older employees in work for longer, develop human resources, re-activate the unemployed, and combat long-term unemployment. The country is one of the 12 richest in the world, in terms of GDP, and its unemployment rate is among the lowest in EU member states.
The Austria employee benefits market research report provides in-depth industry analysis, information, and insights into employee benefits in Austria, including an overview of the state and compulsory benefits in Austria, detailed information about the private benefits in Austria, 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 Austria.
Key Regulations | General Social Insurance Act (Allgemeines Sozialversicherungsgesetz – ASVG), 1995, General Pension Act (Allgemeines Pensionsgesetz – APG), 2004, Federal Hospitals and Sanatoriums Act (Krankenanstalten und Kuranstaltengesetz – KAKuG), 1956, Act on Salaried Employment (Angestelltengesetz), 1921, and Continued Payment of Wages and Salaries Act (Entgeltfortzahlungsgesetz – EFZG), 1974 |
Key State and Compulsory Benefits | 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 |
Key Private Benefits | Retirement Benefits, Death Benefits, Medical Benefits, Disability Benefits, Accidental Death and Dismemberment Benefits, and Other Benefits |
Regulations Guiding Employee Benefits Market in Austria
Some of the key regulations guiding the employee benefits market in Austria are General Social Insurance Act (Allgemeines Sozialversicherungsgesetz – ASVG), 1995, General Pension Act (Allgemeines Pensionsgesetz – APG), 2004, Federal Hospitals and Sanatoriums Act (Krankenanstalten und Kuranstaltengesetz – KAKuG), 1956, Act on Salaried Employment (Angestelltengesetz), 1921, and Continued Payment of Wages and Salaries Act (Entgeltfortzahlungsgesetz – EFZG), 1974 among others.
Austria Employee Benefits Market Segmentation by State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Austria 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: The Austria pension system comprises the following three pillars. The first pillar consists of a statutory pension system (Gesetzliche Pensionsversicherung) based on a pay-as-you-go (PAYG) defined benefit (DB) scheme. The second pillar consists of voluntary occupational or collective pension plans financed by contributions from the employer and employee. The third pillar includes individual voluntary pensions.
Short-Term Sickness Benefits: Short-term sickness benefits (Krankengeld) are granted to employees who are covered under a compulsory social insurance scheme, and who are then provided with earnings-related benefits. In the case of sickness benefits, the employer continues to pay the wages and salaries to employees.
Austria Employee Benefits Market Segmentation by Private Benefits
The key private benefits offered by the employers of Austria are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
Retirement Benefits: In addition to the mandatory contributions to the statutory pension scheme, most employers in Austria provide supplementary Occupation Pension plans. Defined benefits occupational pension schemes are not prevalent in Austria; very few employers offer such plans as a benefit to their employees. Amongst the different types of pension options available in Austria, Direct Benefit schemes are defined benefit plans.
Disability Benefits: In Austria, employers provide short-term disability coverage through group accident policies and pension plans.
For more insights on the Austria employee benefits market, download a free report sample
Scope
This report provides a detailed analysis of employee benefits in Austria –
- 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 benefits, Long-term care benefits, leaves and holidays, and private benefits.
- It highlights the economic and regulatory situations relating to employee benefits in Austria.
Key Highlights
• The Main Association of Austrian Social Security Institutions (Hauptverband der Österreichischen Sozialversicherungsträger), The Federal Ministry of Health (Bundesministerium für Gesundheit), The Federal Ministry of Labor, Social Affairs, and Consumer Protection (Bundesministerium für Arbeit, Soziales und Konsumentenschutz), and The Federal Ministry of Economy, Family, and Youth (Bundesministerium für Wirtschaft, Familie und Jugend) 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 Austria, employers provide voluntary retirement benefits to their employees through supplementary Occupation Pension plans, Defined benefits occupational pension schemes, and Direct Benefit schemes.
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.
Table of Contents
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Frequently asked questions
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What are the key regulations guiding the employee benefits market in Austria?
The key regulations guiding the employee benefits market in Austria are General Social Insurance Act (Allgemeines Sozialversicherungsgesetz – ASVG), 1995, General Pension Act (Allgemeines Pensionsgesetz – APG), 2004, Federal Hospitals and Sanatoriums Act (Krankenanstalten und Kuranstaltengesetz – KAKuG), 1956, Act on Salaried Employment (Angestelltengesetz), 1921, and Continued Payment of Wages and Salaries Act (Entgeltfortzahlungsgesetz – EFZG), 1974.
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What are the key state and compulsory benefits in the Austria employee benefits market?
The key state and compulsory benefits in the Austria employee benefits market 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.
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What are the key private benefits in the Austria employee benefits market?
The key private benefits in the Austria employee benefits market are retirement benefits, death benefits, medical benefits, disability benefits, accidental death dismemberment benefits, and other benefits.
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