Employee Benefits in Chile 2020

Employee Benefits in Chile 2020

  • November 2020 •
  • 56 pages •
  • Report ID: 5644280 •
  • Format: PDF
Employee Benefits in Chile 2020

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 to 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
- The Ministry of Labor and Social Security is responsible for the functioning of the overall social security system.
- Chile has a comprehensive social security system that protects citizens from illness, disability, old age, unemployment, and poverty.
- In Chile, (APV-Ahorro Previsional Voluntario) is the third pillar in the Chilean pension system.
- Supplementary health insurance plans are not offered by employers in the country.

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, leaves and holidays 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 Chile’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 Chile.
- Gain insights into key organizations governing Chile’s employee benefits, and their impact on companies.
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