Employee Benefits in Zambia 2020

Employee Benefits in Zambia 2020

  • November 2020 •
  • 43 pages •
  • Report ID: 5637861 •
  • Format: PDF
Employee Benefits in Zambia 2020

Summary
The Zambian social security system is based on the social insurance model and protects against income loss due to retirement, disability, and death.All employed individuals in the formal sector are required to contribute to the statutory pension scheme.

Individuals not covered by the scheme can contribute voluntarily. The insurance industry’s growth was recently affected by bottlenecks such as its legal framework, fiscal regime, and investment climate, which are expected to be addressed soon by the Pensions and Insurance Authority.

The main state and compulsory benefits in effect in Zambia include old age, survivor’s and disability pension; short-term sickness benefits; workmen’s compensation insurance; maternity benefits, and medical care benefits.In Zambia, Pillar II forms the voluntary occupational pension system.

Employers provide voluntary occupational pension schemes to the employees through DB or DC plans. Hybrid plans are also available in the country.

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

Key Highlights
- The National Pensions Scheme Authority (NAPSA), the Public Service Pension Fund (PSPF), and the Local Authorities Superannuation Fund (LASF) is responsible for the functioning of the overall social security system.
- The Zambian social security system is based on the social insurance model and protects against income loss due to retirement, disability, and death.
- In Zambia, Pillar II forms the voluntary occupational pension system.
- Employers provide voluntary occupational pension schemes to the employees through DB or DC plans. Hybrid plans are also available in the country.

Scope
This report provides a detailed analysis of employee benefits in Zambia -
- 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, leaves and holidays and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Zambia

Reasons to Buy
- Make strategic decisions using in-depth information related to employee benefits in Zambia.
- Assess Zambia’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 Zambia.
- Gain insights into key organizations governing Zambia’s employee benefits, and their impact on companies.
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