Peru Statutory and Private Employee Benefits, 2024 Update

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Peru Statutory and Private Employee Benefits Overview

The social security system in Peru is undergoing significant change. The informal nature of the labor market is the reason for low social security contributions. Most workers are self-employed and there are lack of information and valuation within the system. In the early 1990s, the social security system established the Sistema Privado de Pensiones (private pension system, or SPP) to provide benefits in the event of old age, disability, and death. This was done amid the nation’s financial crisis and the almost complete collapse of the state-run pension system, or SNP.

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

Key Regulations ·       National Pension System, 1973

·       Health Insurance EsSalud, 1999

·       Social Security Health Insurance Administration, 2003

·       Workplace Health and Safety, 2011

·       Maternity Law, 2011

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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Peru Employee Benefits - Regulations

Some of the various laws guiding employee benefits in Peru are:

  • National Pension System, 1973
  • Health Insurance EsSalud, 1999
  • Social Security Health Insurance Administration, 2003
  • Workplace Health and Safety, 2011
  • Maternity Law, 2011

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Peru Employee Benefits - State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Peru 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 Peru, retirement benefits (old-age pensions) are governed by the Law on the Unified Social Security Scheme of 1973, the Law on Early Retirement in the Private Sector of 2009, and the Law on Individual Accounts of 2012. It is provided under SNP and the SPP. In the case of SNP, the CGR provides general supervision. The Office of Social Security Normalization administers the program and other special schemes. The National Superintendent of Tax Administration collects the contributions. In the case of SPP, the AFPs are responsible for licensing AFPs and insurance companies. They also supervise these entities. Employees can opt to enroll in any one of the systems.

Peru State and Compulsory Benefits

Peru State and Compulsory Benefits

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Peru Employee Benefits - Private Benefits

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

Retirement Benefits: Private employee benefits are not common in Peru. The prevalence of mandatory occupational pensions is low. The prevalence of DB supplementary employer-sponsored retirement plans is also low. This is due to the presence of the mandatory SPP to which employees are required to contribute. A few employers voluntarily contribute to this system on behalf of their employees.

Peru Private Employee Benefits

Peru Private Employee Benefits

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Scope

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

  • 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 Peru

Key Highlights

• The Social Health Insurance (El Seguro Social de Salud del Peru – EsSalud), Comptroller General of the Republic – CGR (Contraloría General de la República), The SBS (La Superintendencia de Banca, Seguros y AFP), and The National Superintendent of Tax Administration – SUNAT (La Superintendencia Nacional de Aduanas y de Administración Tributaria) 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 Peru, employers provide voluntary retirement benefits to their employees through occupational pension 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

  • Executive Summary

    • 2. Introduction
    • 2.1 What is this Report about?
    • 2.2 Definitions
    • 3. Country Statistics
    • 4. Overview of Employee Benefits in Peru
    • 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
  • – Long-Term Care benefits
  • – Minimum Resources Benefits
  • – Leaves and Holidays

    • 7. Private Benefits
    • 7.1 Retirement Benefits
    • 7.2 Death Benefits
    • 7.3 Medical Benefits
    • 7.4 Disability Benefits
    • 7.5 Accidental Death and Dismemberment Benefits
    • 7.6 Other Benefits

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Table

Table 1: Insurance Industry Definitions

Table 2: Peru – Country Statistics, 2023

Table 3: Peru – Old-Age Pension, Percentage of the Insured’s Earnings

Table 4: Peru – Retirement Benefits, Reference Salary

Table 5: Peru – Survivor’s Pension Percentage

Table 6: Peru – Fixed National and Public Holidays, 2024

Figures

List of Figures

Figure 1: Peru – Main Institutions of Social Security System

Frequently asked questions

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