Latvia Statutory and Private Employee Benefits, 2024 Update
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Latvia Statutory and Private Employee Benefits Overview
The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system. The state social insurance system covers legislation on social insurance, maternity and sickness insurance, state pensions, mandatory social insurance against accidents, and insurance against unemployment. Social assistance is regulated by the Law on State Social Benefits. The social service system is regulated by the Law on Social Services and Social Assistance.
The Latvia employee benefits report provides in-depth industry analysis, information, and insights into employee benefits in Latvia, 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 Latvia.
Key Regulations | · The Law on Insurance against Unemployment was amended on November 25, 1999
· The Law on Compulsory Social Insurance against Accidents at Work and Occupational Diseases was amended on November 2, 1995 · The Law on Private Pension Funds was amended on June 5, 1997 · The Law on State-Funded Pensions was amended on February 17, 2000 · The Law on State Pensions was amended on November 2, 1995 · The Law on State Benefits was amended on June 16, 2009 · The Law on Maternity and Sickness Insurance was amended on November 6, 1995 · The Law on State Social Insurance was amended on October 1, 1997 · The Medical Treatment Law was amended on June 12, 1997 · The Law on General Practitioners was amended on April 24, 1997 · The Law on Patient Rights was amended on December 30, 2009 · The Law on Social Assistance and Social Services was amended on January 1, 2003 |
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
· Death Benefits · Medical Benefits · Disability Benefits · Accidental Death and Dismemberment Benefits · Other Benefits |
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Latvia Employee Benefits - Regulations
Some of the various laws guiding employee benefits in Latvia are:
- The Law on Insurance against Unemployment was amended on November 25, 1999
- The Law on Compulsory Social Insurance against Accidents at Work and Occupational Diseases was amended on November 2, 1995
- The Law on Private Pension Funds was amended on June 5, 1997
- The Law on State-Funded Pensions was amended on February 17, 2000
- The Law on State Pensions was amended on November 2, 1995
- The Law on State Benefits was amended on June 16, 2009
- The Law on Maternity and Sickness Insurance was amended on November 6, 1995
- The Law on State Social Insurance was amended on October 1, 1997
- The Medical Treatment Law was amended on June 12, 1997
- The Law on General Practitioners was amended on April 24, 1997
- The Law on Patient Rights was amended on December 30, 2009
- The Law on Social Assistance and Social Services was amended on January 1, 2003
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Latvia Employee Benefits - State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Latvia 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 Latvia, the payment of retirement benefits and old-age pension is governed by various laws. It is a compulsory social protection scheme financed by contributions of the active population, including employees, self-employed, and assimilated groups.
Latvia State and Compulsory Benefits
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Latvia Employee Benefits - Private Benefits
The key private benefits offered by employers in Latvia are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
Retirement Benefits: Voluntary private pension schemes are offered in the country. They come in the form of pension funds and pension insurance. Employees and/or employers contribute to these schemes. Banks, insurers, and fund companies provide these voluntary pension solutions. There are two types of private pension funds: closed-ended pension funds (only one in Latvia in 2023) which are intended for employees and open-ended pension funds (15 in Latvia in 2023) for which an individual can become a member directly or through an employer.
Latvia Private Employee Benefits
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Scope
This report provides a detailed analysis of employee benefits in Latvia:
- 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 Latvia
Key Highlights
• The Ministry of Social Welfare (Labklājības ministrija), Ministry of Health (Veselības ministrija), State Social Insurance Agency (Valsts sociālās apdrošināšanas aģentūra), and National Health Service (Nacionālais veselības dienests) 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 Latvia, employers provide voluntary retirement benefits to their employees through voluntary occupational 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
Table
Figures
Frequently asked questions
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What are the key regulations guiding employee benefits in Latvia?
Some of the various laws guiding employee benefits in Latvia are the Law on Insurance against Unemployment was amended on November 25, 1999, the Law on Compulsory Social Insurance against Accidents at Work and Occupational Diseases was amended on November 2, 1995, the Law on Private Pension Funds was amended on June 5, 1997 and the Law on State-Funded Pensions was amended on February 17, 2000 among others.
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What are the key state and compulsory benefits for employees in Latvia?
The state and compulsory benefits for employees in Latvia 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 for employees in Latvia?
The private benefits for employees in Latvia are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
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