Employee Benefits in Denmark 2021

Employee Benefits in Denmark 2021

  • February 2021 •
  • 61 pages •
  • Report ID: 5637867 •
  • Format: PDF
Employee Benefits in Denmark 2021

Summary
Denmark is one of the few countries in the world that adjusted well to the challenge of providing an established social security system and a flexible labor market for its citizens.It was one of the first countries to adopt a multi-pillar pension system, comprising a flat-rate residence-based national pension and private occupational pensions based on collective agreements.

The first pillar is the state and compulsory pillar, providing universal cover.It consists of two tiers - the first is a residence-based Folkepension (national or social pension), while the second consists of fully funded supplementary schemes.

The second pillar is a quasi-mandatory scheme, which includes privately managed fully funded occupational schemes, and the third pillar consists of voluntary, supplementary pension schemes, which are managed by banks or insurance companies. Most branches of the Danish social security system are compulsory, except unemployment insurance, and are financed by taxation.

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

Key Highlights
- All Danish citizens residing in the country are eligible for old-age and disability pension (below 65 years), with this system operated by the local authorities and Udbetaling Danmark.
- The implementation and regulation of these pensions are carried out by the Social- og Integrationsministeriet (the Ministry of Social Affairs and Integration).
- Sickness insurance is administered by the Ministry of Health (Ministeriet for Sundhed og Forebyggelse), family benefits are managed by the local authorities under the Ministry of Taxation (Skatteministeriet) and the Ministry of Social Affairs and Integration, maternity cash benefits are paid by Udbetaling Danmark, under the Ministry of Employment. The Ministry of Employment regulates unemployment insurance.
- In Denmark, voluntary pension schemes exist as a supplement to the basic pension schemes.

Scope
This report provides a detailed analysis of employee benefits in Denmark -
- 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 Denmark

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