Ukraine Statutory and Private Employee Benefits, 2023 Update
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Ukraine Statutory and Private Employee Benefits Overview
Ukraine started the national social security system and socioeconomic reforms after gaining independence. 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 country’s employment rate was negatively affected by its transition to an open-market economy. This resulted in economic depression and hyperinflation.
The Ukraine employee benefits report provides in-depth industry analysis, information, and insights into employee benefits in Ukraine, 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 Ukraine.
Key Regulations | · Law on Unemployment, 2000 with several amendments since its inception
· Law on Labor Code, 1971 with various amendments in the last few years · Law on State Social Insurance, Accident at Work, 1999 with various modifications · Law on Social Protection of Persons with Disabilities, 1991 with numerous changes · Law on Healthcare, 1993 with various amendments · Law on State Financial Guarantees of Medical Services to the Population |
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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Ukraine Employee Benefits - Regulations
Some of the various laws guiding employee benefits in Ukraine are:
- Law on Unemployment, 2000 with several amendments since its inception
- Law on Labor Code, 1971 with various amendments in the last few years
- Law on State Social Insurance, Accident at Work, 1999 with various modifications
- Law on Social Protection of Persons with Disabilities, 1991 with numerous changes
- Law on Healthcare, 1993 with various amendments
- Law on State Financial Guarantees of Medical Services to the Population
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Ukraine Employee Benefits - State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Ukraine 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: 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. Retirement benefits vary for civil servants, National Bank employees, diplomats, and victims of the Chernobyl disaster. Self-employed individuals have the right to participate voluntarily in state pension insurance. Individual business people who are not subject to mandatory state pension insurance also have this option.
Ukraine State and Compulsory Benefits
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Ukraine Employee Benefits - Private Benefits
The key private benefits offered by employers in Ukraine are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
Retirement Benefits: Retirement benefits from most companies come in the form of lump sum and monthly payments. Organizations favor DC plans over DB plans more and more as life expectancy rises. Due to the recent economic crisis, some organizations are now allowing their employees to retire on their own volition. With this option, an employee receives a one-time payment based on their average salary and service history.
Ukraine Private Employee Benefits
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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, social inclusion programs, leaves and holidays, and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Ukraine
Key Highlights
• The Pension Fund of Ukraine, State Employment Service of Ukraine and Department of Social Protection of the Population 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 Ukraine, employers provide voluntary retirement benefits to their employees through voluntary retirement 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.
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Frequently asked questions
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What are the key regulations guiding employee benefits in Ukraine?
Some of the various laws guiding employee benefits in Ukraine are the Law on Unemployment, 2000 with several amendments since its inception, Law on Labor Code, 1971 with various amendments in the last few years, Law on State Social Insurance, Accident at Work, 1999 with various modifications and Law on Social Protection of Persons with Disabilities, 1991 with numerous changes among others.
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What are the key state and compulsory benefits for employees in Ukraine?
The state and compulsory benefits for employees in Ukraine 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 Ukraine?
The private benefits for employees in Ukraine are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
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