Employee Benefits in Finland 2020

Employee Benefits in Finland 2020



Finland has one of the most developed and well-established welfare systems in the Nordic region. In order to facilitate its citizens with decent living conditions, the Finnish government provides various welfare schemes, including social insurance for sickness, pension and unemployment, workers compensation and a comprehensive health scheme. In addition, the government provides other welfare schemes such as child-care services, family aid and disabled services. The Finnish social security system is broadly divided into two categories: the residence-based system and the earning-related system. The residence-based social security system is financed by revenue from various general taxes including earned income tax, property tax and corporate tax and is governed by the independent Social Security Institute, known as Kela (Kansanelkelaitos). In contrast, the earning-related social security system is financed through contributions made by the private pension fund and private insurance companies, and is governed by the Finnish Centre for Pensions.

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

Key Highlights

- The main objective behind the establishment of a national pension scheme is to provide minimum benefits to those with a lower income, a scheme supervised by the Social Insurance Institution of Finland (Kela).
- The National Pension Scheme also covers foreign citizens who stay in Finland for a minimum of three years
- Under this scheme, the residents of Finland are entitled to various benefits such as sickness, maternity, family benefits, and many important schemes such as national and guarantee pensions, which are covered by Social Security
- In Finland, employers provide voluntary retirement benefits to their employees through voluntary insurance contracts

Scope

This report provides a detailed analysis of employee benefits in Finland -
- 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, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Finland

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in Finland.
- Assess Finlands employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Finland.
- Gain insights into key organizations governing Finlands 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 FINLAND
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 Benefits
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 Options
6.5.5 Contributions
6.6 Workers Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Options
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 Long Term Care Benefits
6.8.3 Minimum Resources
6.8.4 Unemployment Benefits
6.8.5 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 Benefits
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: Finland - Country Statistics
Table 3: Finnish Retirement age
Table 4: Finnish Spouse Pensions
Table 5: Finnish Disability Allowances
Table 6: Finnish Care Allowances
Table 7: Finnish Maternity and Paternity Allowance
Table 8: Finnish Forms of Pensioner Care Allowances (EUR)
Table 9: Finnish Basic Social Assistance Benefit
Table 10: Finnish - Public Holidays 2020

List Of Figures


Figure 1:-Finland- Main Institutions of Social Security System

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