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Employee Benefits in Chile 2018

Employee Benefits in Chile 2018

Summary

Chile was one of the first countries in the Americas to set up state-sponsored social security coverage. The country's pension system consists of multiple pillars - a non-contributory first pillar, a fully funded second pillar and a voluntary third pillar. In 1981, a new privatized system was introduced to carry out social security schemes. Private sector insurance companies called pension fund managers administer these programs and the state is in charge of the regulations. Under this new system, formal employees are mandated to contribute to the personal account, which is managed by a pension fund manager.

The report provides in-depth industry analysis, information and insights of the employee benefits in Chile, including: overview of the state and compulsory benefits in Chile, detailed information about the private benefits in Chile, 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 Chile.

Key Highlights

- Chile has a comprehensive social security system that protects citizens from illness, disability, old age, unemployment, and poverty.
- The country's pension system consists of multiple pillars - a non-contributory first pillar, a fully funded second pillar and a voluntary third pillar.
- In some situations, employees will make voluntary contributions to their mandatory contribution account, or to a voluntary savings plan, known as Depósitos Convenidos (agreed deposits), to increase the benefit amount while retiring.
- Contributions made by employers towards social security benefits are not subject to taxation.

Scope

- This report provides a detailed analysis of employee benefits in Chile.
- 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, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Chile.

Reasons to buy

- Make strategic decisions using in-depth information related to employee benefits in Chile.
- Assess Chilean employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Chile.
- Gain insights into key organizations governing Chilean employee benefits, and their impact on companies.
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Employee Benefits in Chile 2018
Published By :GlobalData
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