Ireland Statutory and Private Employee Benefits, 2023 Update

Ireland Statutory and Private Employee Benefits Report Overview

The Irish social security system covers company employees, self-employed persons, the unemployed, people with less than minimum resources, and dependent family members of deceased employees. The Irish social welfare system is divided into social insurance payments, means-tested payments, and universal payments. The payment of social insurance is mandatory; both employers and employees must contribute pay-related social insurance (PRSI) contributions to the National Social Insurance Fund (SIF).

The Ireland employee benefits market research report provides in-depth industry analysis, information, and insights into employee benefits in Ireland, including an overview of the state and compulsory benefits in Ireland, detailed information about the private benefits in Ireland, 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 Ireland.

Regulations Guiding Employee Benefits Market in Ireland

Some of the key regulations guiding the employee benefits market in Ireland are the Minimum Notice and Terms of Employment Act, 1973, Organization of Working Time Act, 1997, Payment of Wages Act, 1991, Maternity Protection Act, 1994, and Redundancy Payments Acts,1967–1991 among others.

Ireland Employee Benefits Market Segmentation by State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Ireland 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: Irish employees are entitled to different types of pensions upon retirement. This is a compulsory insurance scheme with flat-rate benefits financed from contributions made by employees, employers, and self-employed individuals. The state will allocate pensions to these individuals based on the number of social insurance contributions made or depending on the individuals’ financial position.

Short-Term Sickness Benefits: Employees whose illness, injury, or quarantine forbids them from working are entitled to sickness benefits – including those with either physical or mental disabilities. To receive the benefit, the insured individual must be below the pension age of 66 years and should be covered by social insurance. The Social Welfare Consolidation Act, 2005, and Social Welfare (Consolidated Occupational Injuries) Regulations, 2007, regulate the short-term sickness benefits in Ireland.

Ireland Employee Benefits Market Segmentation by Private Benefits

The key private benefits offered by the employers of Ireland are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.

Retirement Benefits: The employers offer voluntary retirement benefits through voluntary occupational DC pension plans which are prevalent in the country. The working-age population covered under the voluntary occupational scheme is more than 56%, according to the Pension Markets in Focus report which was published by the OECD in 2021.

Disability Benefits: There are no standalone short-term disability plans in Ireland; however, these benefits are provided as additional benefits under employers’ liability insurance plans. Employers’ liability insurance covers the legal liability of the employer in case of disability or death of any employee due to work injury, occupational disease, or illness. It also covers legal expenses.

For more insights on the Ireland employee benefits market, download a free report sample

Scope

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

• 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 benefits, Long-term care benefits, leaves and holidays, and private benefits.
• It highlights the economic and regulatory situations relating to employee benefits in Ireland.

Key Highlights

• Minister for Social Protection, the Minister for Finance, and Health Service Executive (HSE) under the supervision of the Department of Health 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 a credited contribution
• In Ireland, employers provide voluntary retirement benefits to their employees through voluntary occupational DC pension plans, Personal Retirement Savings Accounts (PRSAs), Retirement Annuity Contracts (RACs), Approved Retirement Funds (ARFs), and Personal Retirement Bonds (PRBs).

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.