Portugal Statutory and Private Employee Benefits, 2024 Update

Portugal Statutory and Private Employee Benefits Overview

The Portuguese social security system is based on universality; it ensures that the social protection provided by the system is available for everyone. It consists of the Public Social Security System, the Social Action System, and the Supplementary System. The Family Support System, Welfare, and Solidarity subsystems comprise the Public Social Security System.

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

Portugal Employee Benefits - Regulations

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

• Old-age social pension (pensão social de invalidez e de velhice): Statutory Decree 464/80 of 13 October 1980
• Orphan’s pension (pensão de orfandade): Statutory Decree 160/80 of 27 May 1980
• Statutory Decree 322/90 of 18 October 1990, on the protection system in the case of death
• Statutory Decree 159/99 of 11 May 1999 (accidents at work of self-employed)
• Statutory Decree 265/99 of 14 July 1999, on the long-term care supplement
• Social minimum income (rendimento social de inserção): Law 13/03 of 21 May 2003
• Statutory Decree 232/05 of 29 December 2005, on the solidarity supplement for the elderly
• Act 53-B/06 of 29 December 2006, on the reference social support index
• Statutory Decree 187/07 of 10 May 2007, on the protection system in the case of invalidity and old age of the general system
• National Health Service
• Statutory Decree 91/2009 of 9 April 2009, on the Protection System in the case of Maternity, Paternity, and Adoption
• Act 7/2009 of 12 February 2009, on the Labor Code with several amendments since its inception

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Portugal Employee Benefits - State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Portugal 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 retirement benefit is a compulsory social insurance scheme, funded through the contributions made by employers and employees. It covers both the employees and the self-employed. It provides income-related pensions to the employees based on earnings and their contributory period. In the case of an employee’s death, resignation, or employer layoff, they are entitled to retirement benefits. Pensions are awarded to spouses or their respective dependents in the event of death.

Portugal State and Compulsory Benefits

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Portugal Employee Benefits - Private Benefits

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

Retirement Benefits: Voluntary occupational pension schemes provide pension benefits to public and private sector employees in addition to social security benefits. These plans may be single-employer plans. Alternatively, they may be multi-employer plans. Or, they could be collective bargaining agreements between trade unions and employers. The prevalence of voluntary occupational pension schemes in Portugal is low due to the dominance of the public pension system.

Portugal Private Employee Benefits

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Scope

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

• 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 Portugal

Key Highlights

• The Social Security Institute (Instituto da Segurança Social), the National Centre for the Protection against Professional Risks (Centro Nacional de Protecção contra os Riscos Profissionais), Social Security District Centers (Centros Distritais de Segurança Social, CDSS), the Institute for Employment and Professional Training (Instituto do Emprego e da Formação Profissional), the insurance companies supervised by the Ministry of Finance (Ministério das Finanças), and the National Health Service (Serviço Nacional de Saúde) 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 Portugal, employers provide voluntary retirement benefits to their employees through Open pension funds, Closed pension funds and Group insurance.

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.