Employee Benefits in Chile 2020

Employee Benefits in Chile 2020



Chile was one of the first countries in the Americas to set up state-sponsored social security coverage. The countrys 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, workmens 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 Chiles 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 Chiles employee benefits, and their impact on companies.

1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN CHILE
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Benefits
6.1.4 Payment Options
6.1.5 Contributions
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Contributions
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Contributions
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment of Options
6.5.5 Contribution
6.6 Workmens Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Option
6.6.5 Contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment Options
6.7.5 Contributions
6.8 Other Benefits
6.8.1 Family Benefits
6.8.2 Uemployment Benefits
6.8.3 Leaves and Holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefit
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalDatas Services
8.5 Disclaimer

List Of Tables


Table 1: Insurance Industry Definitions
Table 2: Chile- Country Statistics
Table 3: Chile - Retirement Benefits, Monthly Minimum Pension 2019
Table 4: Chile - Retirement Benefits, Contributions by Insured Individuals 2019
Table 5: Chile - Retirement Benefits, Contributions by Self-employed Individuals 2019
Table 6: Chile - Retirement Benefits, Contributions by Employers 2019
Table 7: Chile - Retirement Benefit, Contributions by the Government 2019
Table 8: Chile - Short-Term Sickness Benefits, Public System Contributions Rates
Table 9: Chile - Short-term Sickness Benefits, Private System Contributions Rates
Table 10: Chile - Workmens Compensation, Minimum Spouse Pension, 2019
Table 11: Chile - Workmens Compensation, Payment Options
Table 12: Chile - Workmens Compensation, Contributions Rates
Table 13: Chile - Family Benefits, Monthly Allowance to Dependents, 2019
Table 14: Chile - Unemployment Benefits, Monthly Amount Paid Under Employment-related System
Table 15: Chile - Unemployment Benefits, Monthly Amount Paid Under Mandatory Individual Account
Table 16: Chile - Unemployment Benefits, Minimum Monthly Amount Paid Under Mandatory Individual Account, 2019
Table 17: Chile - Unemployment Benefits, Mandatory Individual Account Contributions Rates
Table 18: Chile - Public Holidays, 2020

List Of Figures


Figure 1: Chile - Main Institutions of Social Security System

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