Austria Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits,

Austria Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update

Summary

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

The Austrian social security system covers a large proportion of the population. The major principles upon which the system is based are statutory insurance, solidarity, and the self-administration of insurance providers. The main objectives of the Austrian labor market policy are to achieve full employment, keep older employees in work for longer, develop human resources, re-activate the unemployed, and combat long-term unemployment. The country is one of the 12 richest in the world, in terms of GDP, and its unemployment rate is among the lowest in EU member states.

Key Highlights

• The Main Association of Austrian Social Security Institutions (Hauptverband der Österreichischen Sozialversicherungsträger), The Federal Ministry of Health (Bundesministerium für Gesundheit), The Federal Ministry of Labor, Social Affairs, and Consumer Protection (Bundesministerium für Arbeit, Soziales und Konsumentenschutz), and The Federal Ministry of Economy, Family, and Youth (Bundesministerium für Wirtschaft, Familie und Jugend) are responsible for the functioning of the overall social security system.
• A person’s national insurance contribution is determined based on their income.
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
• In Austria, employers provide voluntary retirement benefits to their employees through supplementary Occupation Pension plans, Defined benefits occupational pension schemes, and Direct Benefit schemes.

Scope

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

• 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, Long-Term care, Minimum Resources benefit, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Austria.

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies