Employee Benefits in Lithuania 2019

Employee Benefits in Lithuania 2019

Summary

Lithuania inherited a Soviet-style pension system with characteristics such as generous early retirement provisions, privileges for certain occupational groups, and a weak link between contributions and benefits. The economic crisis in the 1990s forced the Lithuanian government to undertake pension system reforms in 1995. The reforms were intended to make changes in the State Social Pension Insurance (first pillar), enhance the stability of the system by eliminating the generous early retirement provisions, and create a strong link between contributions and benefits. In 2004, the second and third pillars - funded schemes and supplementary pension provisions - were introduced. In principle, all employees in Lithuania are covered by the social security system, but the actual coverage rate is only 83% of the workforce. To receive a full pension, individuals must satisfy 30 years of insured status and the minimum qualifying period is 15 years. Individuals who are unable to reach the minimum qualifying period are eligible for a social assistance pension, which is equal to 90% of the basic pension.

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

Scope

This report provides a detailed analysis of employee benefits in Lithuania -
- 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 Lithuania

Reasons to buy

- Make strategic decisions using in-depth information related to employee benefits in Lithuania.
- Assess Lithuanian employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Lithuania.
- Gain insights into key organizations governing Lithuanian 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 LITHUANIA
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
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Workers Compensation 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: Lithuania - Country Statistics
Table 3: Lithuania - Overall Social Insurance Contribution Rates
Table 4: Lithuania - Amendments to new Labor Code
Table 5: Lithuania - Unemployment Insurance Benefit - Duration of Payment

List Of Figures


Figure 1: Lithuania - Main Institutions of Social Security System

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