Employee Benefits in Latvia 2021

Employee Benefits in Latvia 2021

  • March 2021 •
  • 49 pages •
  • Report ID: 5982729 •
  • Format: PDF
Employee Benefits in Latvia 2021

Summary
The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system.The state social insurance system covers legislation on social insurance, maternity and sickness insurance, state pensions, mandatory social insurance against accidents, and insurance against unemployment.

Social assistance and the social service system are regulated by the Law on State Social Benefits and Law on Social Services and Social Assistance.The Latvian pension system is divided into three pillars: the first is a notional defined-contribution (DC) system which works on a pay-as-you-go (PAYG) basis, the second is a funded mandatory pillar, and the third is a voluntary private occupational and individual pension system.

The reformation of pensions began in Latvia in 1991, and it was the first Central and Eastern European country to restructure the first pillar of its pension system.

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

Key Highlights
- Ministry of Social Welfare State and Social Insurance Agency are responsible for administering all state social benefits and social insurance services such as sickness, unemployment, parental, maternity, old-age, survivors, invalidity, employment injuries, and occupational diseases
- Ministry of Health is responsible for the overall organization and functioning of the health system, and the implementation of national health policy.
- Social assistance and the social service system cover benefits related to family and childcare, which come under the Law on State Social Benefits and the Law on Social Services and Social Assistance.
- In Latvia, voluntary private pension schemes in the form of pension funds and pension insurance based on DC plans are offered by employers.

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

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