Belgium Statutory and Private Employee Benefits, 2023 Update
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Belgium Statutory and Private Employee Benefits Report Overview
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 the European Union (EU) member states had adversely impacted 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 transforming and are expected to improve in the coming years.
The Belgium employee benefits market research report provides in-depth industry analysis, information, and insights into employee benefits in Belgium, including an 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 Regulations | Health Care and Sickness Benefits Compulsory Insurance Act, Old Age and Survivors Act, 1967, Guaranteed Income Act, 2001, and Occupational Disease Act, 1970 |
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 Belgium
Some of the key regulations guiding the employee benefits market in Belgium are Health Care and Sickness Benefits Compulsory Insurance Act, Old Age and Survivors Act, 1967, Guaranteed Income Act, 2001, and Occupational Disease Act, 1970 among others
Belgium Employee Benefits Market Segmentation by State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Belgium 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: In Belgium, an old-age pension (retirement benefits) is a compulsory social insurance scheme financed mainly by contributions; it covers the economically active population (employees and self-employed) providing earnings-related pensions. Rustpensioen/ Pension De Retraite is the word for the state pension in Belgium. An increase in life expectancy, the option of early retirement, more females being employed, and declining birth rates are the root causes for rising pension costs. Old-age pension is a DC plan.
Short-Term Sickness Benefits: All workers bound by a labor contract and categories assimilated thereto are entitled to sickness benefits. This is also a compulsory social insurance scheme mainly financed by contributions, covering the employees and self-employed. An employee who is unable to earn more than 1/3 of the normal salary of a worker in the same category due to sickness or infirmity is considered invalid.
Belgium Employee Benefits Market Segmentation by Private Benefits
The key private benefits offered by the employers of Belgium are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
Retirement Benefits: The supplementary pension schemes that are prevalent in Belgium in the form of DB are also available as DC or cash balance schemes. The eligibility requirement and benefits under the plans are similar. DC and hybrid supplementary retirement plans are more prevalent in the country than DB plans.
Disability Benefits: Standalone short-term disability plans are not offered in Belgium. Standalone long-term disability plans resulting from accidents or illness are offered in Belgium as guaranteed income plans. Employees can have a customized plan with changes in additional monthly income and the period of coverage. The coverage is available across the world provided the habitual residence is in Belgium.
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Scope
This report provides a detailed analysis of employee benefits in Belgium –
- 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 Belgium.
Key Highlights
• The National Institute for Health and Disability Insurance, The National Pension Office, The Federal Agency for Work Risks (Fedris), The Special Compensation Funds for Family Benefits, and the Independent Compensation Funds), The National Employment Office, and The National Annual Holiday Office (ONVA)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 a credited contribution.
• In Belgium, employers provide voluntary pension benefits to their employees through company pension plans and sector pension 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.
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 Belgium?
The key regulations guiding the employee benefits market in Belgium are the Health Care and Sickness Benefits Compulsory Insurance Act, Old Age and Survivors Act, 1967, Guaranteed Income Act, 2001, and Occupational Disease Act, 1970 among others.
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What are the key state and compulsory benefits in the Belgium employee benefits market?
The key state and compulsory benefits in the Belgium 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 Belgium employee benefits market?
The key private benefits in the Belgium employee benefits market are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
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