Russia Statutory and Private Employee Benefits (including Social Security) – Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update
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Russia has undergone major economic and political changes over the two decades following the collapse of the Soviet Union in 1991. During this transition period, several changes have also been made to the country’s social security system, including the development of private employee benefit plans, the establishment of a three-tier pension system, and cost-of-living compensation.
The Russian employee benefits market research report provides insights into the wide range of employee benefits such as retirement benefits, long-term and short-term sickness benefits, and medical benefits as well as other state and private benefits offered by employers in Russia.
Regulations Guiding Employee Benefits Market in Russia
The key regulations guiding the employee benefits market in Russia are Russian Labor Code, 2002, The Employment of Population Act, 1991, The Minimum Wages Act, 2000, Mandatory Pension Insurance, 2013, implemented in 2014, Public Pensions, 2001, Tax Code, 2016, Insurance Pensions, 2013, implemented in 2015, Sickness and Maternity Benefits, 2014, Health Care, 2011, and The Fundamentals of Health and Safety Act, 1999.
Russia Employee Benefits Market Segmentation by State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Russia 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 types of pension systems in Russia are insurance pension, state pension, and social pension. Retirement benefits are paid monthly. However, the funded component is granted on a lump-sum basis in certain cases. The insured individual can receive a pension through the Russian Post, bank, or organizations delivering pensions.
Workers’ Compensation Insurance: Workmen’s compensation is compulsory in Russia. The Act No. 125-FZ of July 24, 1998, on compulsory social insurance against accidents at work and occupational diseases, regulates the worker’s compensation insurance in Russia. This benefit is available to all employed persons, including temporary and permanent residents of Russia.
Maternity and Paternity Benefits: Employees are granted two kinds of maternity benefits: childbirth allowance and monthly childcare allowance. These allowances are determined based on the average wages of the insured individual. The maternity benefit is given to all citizens and refugees in Russia. The cash benefit is given to all working citizens, except self-employed people. A flat-rate lump sum is provided to all employees who give birth to children, irrespective of their working status.
Russia Employee Benefits Market Segmentation by Private Benefits
The key private benefits offered by the employers of Russia are retirement benefits, death benefits, medical benefits, disability benefits, and accidental death and dismemberment benefits.
Death Benefits: Employers provide death benefits to their employees through cumulative life insurance plans and mixed life insurance plans. Death benefits are available to all the full-time employees of a company.
Medical Benefits: Employers provide medical benefits to employees in Russia through voluntary group medical insurance plans. Such plans may include health insurance for employees during business trips in Russia or across the world, including outpatient treatment, hospitalization, evacuation, transportation, and repatriation.
Disability Benefits: There are no standalone disability insurance plans. Employers provide employers’ liability insurance policy to employees to cover for the damages sustained due to work injury or occupational disease, including permanent disability benefits.
For more insights on the Russia employee benefits market, download a free report sample
Russia Statutory and Private Employee Benefits Market Report Overview
Key Regulations | Russian Labor Code, 2002, The Employment of Population Act, 1991, The Minimum Wages Act, 2000, Mandatory Pension Insurance, 2013, implemented in 2014, Public Pensions, 2001, Tax Code, 2016, Insurance Pensions, 2013, implemented in 2015, Sickness and Maternity Benefits, 2014, Health Care, 2011, and The Fundamentals of Health and Safety Act, 1999 |
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, and Accidental Death and Dismemberment Benefits |
Scope
This report provides a detailed analysis of employee benefits in Russia –
- 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, leaves and holidays, and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Russia
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
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Frequently asked questions
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What are the key regulations guiding employee benefits market in Russia?
The key regulations guiding employee benefits market in Russia are Russian Labor Code, 2002, The Employment of Population Act, 1991, The Minimum Wages Act, 2000, Mandatory Pension Insurance, 2013, implemented in 2014, Public Pensions, 2001, Tax Code, 2016, Insurance Pensions, 2013, implemented in 2015, Sickness and Maternity Benefits, 2014, Health Care, 2011, and The Fundamentals of Health and Safety Act, 1999.
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What are the key state and compulsory benefits in the Russia employee benefits market?
The key state and compulsory benefits in the Russia 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 Russia employee benefits market?
The key private benefits in the Russia employee benefits market are retirement benefits, death benefits, medical benefits, disability benefits, and accidental death and dismemberment benefits.
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