Ireland Statutory and Private Employee Benefits, 2023 Update

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

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.

Key Regulations 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
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, Accidental Death and Dismemberment Benefits, and Other Benefits

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.

Table of Contents

  • 1. Executive Summary
  • 2. Introduction
  • 2.1 What is this Report about?
  • 2.2 Definitions
  • 3. Country Statistics
  • 4. Overview of Employee Benefits in Ireland
  • 5. Regulations
  • 6. State and Compulsory Benefits
  • 6.1 Retirement Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.2 Death in Service
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.3 Long-Term Disability Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.4 Short-Term Sickness Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.5 Medical Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.6 Workers’ Compensation Insurance
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.7 Maternity and Paternity Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.8 Other Benefits
  • – Unemployment benefits
  • – Consolidated Loans
  • – Emergyency Loans
  • – Leave and Holidays

  • 7. Private Benefits
  • 7.1 Retirement Benefits
  • 7.2 Death Benefits
  • 7.3 Disability Benefits
  • 7.4 Medical Benefits
  • 7.5 Accidental Death and Dismemberment Benefits
  • 7.6 Other Benefits
  • 8. About GlobalData
  • 9. Contact Us

Table

Table 1: Insurance Industry Definitions

Table 2: Ireland – Country Statistics, 2022

Table 3: Ireland – Long-Term Disability – Guaranteed Compensation, 2023

Table 4: Ireland – Long-Term Disability – Self-Employed Contributions

Table 5: Ireland – SGI benefits 2023

Table 6: Ireland – Sickness benefits rates 2023

Table 7: Ireland – sickness benefit in case of adoption

Table 8: Ireland – Nursing and care allowance 2023

Table 9: Ireland – Additional Cost Allowances, 2023

Table 10: Ireland – Long-Term Care – User Charges

Table 11: Ireland – Public Holidays 2023

Table 12: Ireland – ITP1/ITP2 Disability Benefits

Table 13: Ireland – Accrued Pension After Contributing Towards ITP2

Table 14: Ireland – Payout depending on age at the time of death

Frequently asked questions

Ireland Statutory and Private Employee Benefits, 2023 Update standard reports
Currency USD
$1,495

Can be used by individual purchaser only

$2,990

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Ireland Statutory and Private Employee Benefits, 2023 Update was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Insurance reports
Business and Consumer Services
Global Hiring Activity - Trends & Signals Q1 2024
$399 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Ireland Statutory and Private Employee Benefits, 2023 Update in real time.

  • Access a live Ireland Statutory and Private Employee Benefits, 2023 Update dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.