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Employee Benefits in Portugal, 2020 Update

Employee Benefits in Portugal, 2020 Update

Summary

The Portuguese social security system is based on universality; it ensures that the social protection provided by the system is available for everyone. It consists of the Public Social Security System, the Social Action System, and the Supplementary System. The Public Social Security System has three subsystems called Welfare, Solidarity, and Family Support System. Welfare system is a contributory scheme that protects the employed and the self-employed against the risk of losing a regular income due to sickness, maternity, unemployment, disability, death, retirement, and occupational diseases.

The solidarity system is a non-contributory system that guarantees citizenship rights and aims to eliminate poverty. It is primarily meant for agricultural workers who are not covered under the welfare system. In the event of disability and dependency, the provision of financial support to meet family expenditures is made by Family Support System. Social Action System is aimed at protecting the interests of special categories of people such as children, disabled youngsters, and the elderly. Supplementary System is optional and it consists of supplementary group initiative schemes, individual initiative schemes, and the public capitalization scheme, including pension funds financed by the employers, life assurance, and savings plans

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

Key Highlights

- The Portuguese system of social protection which is supervised by the Ministry of Solidarity and Social Security (Ministério da Solidariedade e da Segurança Social, MSSS), is an autonomous organization with respect to legal, administrative and financial matters.
- In Portugal, old age, death, and disability benefits follow a mixed system of financing such as current income financing (pay as you go) and funded system
- These benefits give a prominent degree of employee protection against the risks before and after retirement.
- In Portugal, employers provide voluntary retirement benefits to their employees through voluntary insurance contracts

Scope

This report provides a detailed analysis of employee benefits in Portugal -
- 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 Portugal

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in Portugal.
- Assess Portugal's employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Portugal.
- Gain insights into key organizations governing Portugal's employee benefits, and their impact on companies.
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Employee Benefits in Portugal, 2020 Update
Published By :GlobalData
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