Ukraine 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

Following its declaration of independence, Ukraine initiated socio-economic reforms and initiated the national social security system. The system is divided into Compulsory State Social insurance, which is funded by employee and employer contributions, and Family and Social Benefits and Services which are financed by the government. The Ukraine statutory and private employee benefits research report assesses employee benefits of the market, including state & compulsory benefits and private benefits. It also gives insights into key organizations governing the employee benefits market, and their impact on companies.

Country Overview

Ukraine’s estimated Nominal GDP stood at $156.61 billion in 2020. Following the dissolution of the Soviet Union in 1991, Ukraine declared itself independent. The transformation period of 1991–1999 was accompanied by deterioration in its socio-economic situation, poor living conditions, and unstable inflation. Ukraine imports much of its energy, and the country’s main industries are steel and metal products for export. The conflict between Russia and Ukraine has severely affected both imports and exports. Mining, manufacturing, and utilities contributes to most GVA followed by Manufacturing.

Regulations Guiding Employee Social Security Benefits in Ukraine

The key laws that govern employee benefits offered in Ukraine include Law on Unemployment, 2000, Law on Labor Code, 1971, Law on State Social Insurance, Accident at Work, Law on Social Protection of Persons with Disabilities, Law on Healthcare, 1993, and Law on State Financial Guarantees of Medical Services to the Population.

Main Institutions of the Social Security System in Ukraine

The major institutions that supervise and govern Ukraine’s social security system are Pension Fund of Ukraine, State Employment Service of Ukraine, and Department of Social Protection of the Population.

State and Compulsory Benefits in Ukraine

Employee benefits, which are required by the law, are known as state and compulsory benefits. The Ministry of Social Policy of Ukraine is the sole administrator of social security benefits and coordinates the social security funds. Ukrainian law requires employees to contribute to pension insurance, insurance against accidents and occupational diseases, and sickness and unemployment.

Retirement Benefits: Retirement benefits are paid to employees on their retirement, resignation, or retrenchment by a current or former employer. According to Ukrainian law, social insurance is mandatory for individuals employed under a labor contract or on any other legal grounds. Self-employed individuals and individual businesspeople who are not subject to the mandatory state pension insurance have the right to participate voluntarily.

Short-Term Sickness Benefits: Insurance against temporary disability and sickness benefits is mandatory by law. All workers engaged in an employment contract are entitled to sickness benefits. This is a compulsory social insurance scheme financed by contributions from employers and employees.

Medical Benefits: The constitution of Ukraine provides that all permanent residents and citizens receive healthcare facilities. The state and local budgets have provisions for benefits in kind for all individuals. The Ukrainian healthcare system is not robust enough financially to offer benefits to the insured or guarantee their quality.

Workers’ Compensation Insurance: Workmen’s compensation is social insurance against industrial accidents and occupational diseases. It is a compulsory social insurance scheme for employees and provides benefits in kind and earnings-related cash benefits.

Maternity and Paternity Benefits: Maternity benefits in Ukraine are compulsory social security assistance provided by the government and are affected by various laws, including the Law of Compulsory Social Insurance and Labor Law of Ukraine. Cash benefits are compulsory social insurance schemes for all employees and self-employed people residing in Ukraine.

Other Benefits: These include unemployment benefits, family benefits, leaves and holidays and minimum resources.

Private Employee Benefits in Ukraine

Private benefits are not widely offered in Ukraine due to its poor economic position. The recent political crisis has led to economic deterioration, and most companies are reducing manpower costs. The supplementary benefits provided by private employers in Ukraine are retirement benefits, disability benefits, death benefits, medical benefits, accidental death & dismemberment benefits, and other benefits.

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Ukraine Statutory and Private Employee Benefits Report Overview

Scope

This report provides a detailed analysis of employee benefits in Ukraine –

• 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, family benefits, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Ukraine

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 employee benefits market, and their impact on companies