Brazil Statutory and Private Employee Benefits, 2023 Update

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Brazil Statutory and Private Employee Benefits Overview

Brazil has a well-developed social security system with contributions to social security schemes from both employers and employees. Brazilian employees primarily contribute to six statutory social security organizations which are the statutory pension insurance fund, the statutory death insurance fund, the statutory short-term sickness fund, the statutory long-term disability fund, the statutory maternity fund, and the statutory family benefits. The Brazilian government is responsible for the payment of benefits such as medical benefits and workmen’s compensation insurance.

The Brazil employee benefits report provides in-depth industry analysis, information, and insights into employee benefits in Brazil, 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 Brazil.

Key Regulations ·       The Federal Constitution

·       The Consolidation of Labor Laws (Consolidação das Leis do Trabalho – (CLT))

·       The Brazilian Social Security Law

·       The Brazilian Government Severance Indemnity Fund Law (Fundo de Garantia por Tempo de Serviço (FGTS))

·       The New Labor Law, 2017

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

·       Other Benefits

Key Private Benefits ·       Retirement Benefits

·       Disability Benefits

·       Death Benefits

·       Medical Benefits

·       Accidental Death and Dismemberment Benefits

·       Other Benefits

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Brazil Employee Benefits - Regulations

The various laws guiding employee benefits in Brazil are:

  • The Federal Constitution
  • The Consolidation of Labor Laws (Consolidação das Leis do Trabalho – (CLT))
  • The Brazilian Social Security Law
  • The Brazilian Government Severance Indemnity Fund Law (Fundo de Garantia por Tempo de Serviço (FGTS))
  • The New Labor Law, 2017

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Brazil Employee Benefits - State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Brazil 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 Brazilian pension system is one of the most generous and expensive of all developing countries, but the government has been unable to achieve long-term financial stability, necessitating further reforms since its introduction. Brazil’s aging population will result in an increase in public pension expenditure, as well as additional healthcare and long-term care expenditure. Therefore, this demographic shift will bring with it many problems, such as a reduction in the workforce, increased government expenditure on welfare, healthcare, and statutory pensions, and a reduction in government revenues as it is generous in relation to working incomes.

Brazil State and Compulsory Benefits

Brazil State and Compulsory Benefits

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Brazil Employee Benefits - Private Benefits

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

Retirement Benefits: Private retirement plans comprise closed and open pension plans. Open supplementary pension guarantees the payment of benefits such as survivor, disability coverage, and death cover. An open pension plan can either be an individual or collective plan. Insurance companies, banks, and asset management funds offer such schemes, and any employer or employee can participate in these plans.

Closed pension schemes offer plans under all three contributory systems, namely defined benefit, defined contribution, and variable contribution. The variable contribution schemes comprise a large share of closed pension members followed by defined benefit schemes. Recent trend shows that more employers prefer the variable contribution plans to the defined benefit plan.

Brazil Private Employee Benefits

Brazil Private Employee Benefits

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Scope

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

  • 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 Brazil

Key Highlights

• The Ministry of Social Security (Ministério da Previdência Social–MPS), National Institute for Social Security (Instituto de Seguridade Social–INSS), National Superintendence for Pension Funds (Superintendência Nacional de Previdência Complementar–Previc), Unique Health System (Sistema Único de Saúde–SUS), Center for Medication (Central de Medicamentos–CEME), and Brazilian Legion of Assistance (Legião Brasileira de Assistência–LBA) 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 Brazil, employers provide voluntary retirement benefits to their employees through Closed supplementary Pension Entities (EFPC) and Open supplementary pension Entities (EAPC) 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

  • 1. Executive Summary
  • 2. Introduction
  • 2.1 What is this Report about?
  • 2.2 Definitions
  • 3. Country Statistics
  • 4. Overview of Employee Benefits in Brazil
  • 5. Regulations
  • 6. State and Compulsory Benefits
  • 6.1 Retirement Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.2 Death in Service
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.3 Long-Term Disability Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.4 Short-Term Sickness Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.5 Medical Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.6 Workers’ Compensation Insurance
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.7 Maternity and Paternity Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.8 Other Benefits
  • – Unemployment Benefits
  • – Family Benefits
  • – Social Inclusion Program
  • – Leaves and Holidays

  • 7. Private Benefits
  • 7.1 Retirement Benefits
  • 7.2 Disability Benefits
  • 7.3 Death Benefits
  • 7.4 Medical Benefits
  • 7.5 Accidental Death and Dismemberment Benefits
  • 7.6 Other Benefits
  • 8. About GlobalData
  • 9. Contact Us

Table

Table 1: Insurance Industry Definitions

Table 2: Brazil – Country Statistics, 2022

Table 3: Brazil – Contribution rates for payment of remuneration

Table 4: Brazil – Contribution rates of insured and beneficiaries

Table 5: Brazil – INSS contribution rates for employers

Table 6: Brazil – Workmen’s Compensation Insurance, Employee and Employer Contributions

Table 7: Brazil – Unemployment benefit

Table 8: Brazil – Fixed National and Public Holidays, 2023

Table 9: Brazil – Compensation in case of Total Disability

Table 10: Brazil – Compensation in case of Partial Disability

Figures

List of Figures

Figure 1: Brazil – Main Institutions of Social Security System

Frequently asked questions

  • What are the key regulations guiding employee benefits in Brazil?

    The key regulations that govern employee benefits offered in Brazil are the Federal Constitution, the Consolidation of Labor Laws (Consolidação das Leis do Trabalho – (CLT)), the Brazilian Social Security Law, the Brazilian Government Severance Indemnity Fund Law (Fundo de Garantia por Tempo de Serviço (FGTS)), and the New Labor Law, 2017.

  • What are the key state and compulsory benefits for employees in Brazil?

    The state and compulsory benefits for employees in Brazil 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.

  • What are the key private benefits for employees in Brazil?

    The private benefits for employees in Brazil are retirement benefits, disability benefits, death benefits, medical benefits, accidental death and dismemberment benefits, and other benefits.

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