Brazil Statutory and Private Employee Benefits, 2023 Update

Brazil Statutory and Private Employee Benefits, 2023 Update

Summary

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

Brazil has a well-developed social security system, and both employers and employees contribute to social security schemes in the country, with employers’ contributions typically much greater than those of employees. Brazilian employees primarily contribute to six statutory social security organizations: the statutory pension insurance fund, the statutory death insurance fund, the statutory short-term sickness fund, the statutory long-term disability fund, the statutory maternity fund, and statutory family benefits. The Brazilian government is responsible for the payment of benefits such as medical benefits and workmen's compensation insurance.

Key Highlights

• The Ministry of Social Security (Ministério da Previdência Social-MPS), National Institute for Social Security (Instituto de Seguridade Social-INSS), National Superintendence for Pension Funds (Superintendência Nacional de Previdência Complementar-Previc), Unique Health System (Sistema Único de Saúde-SUS), Center for Medication (Central de Medicamentos-CEME), and Brazilian Legion of Assistance (Legião Brasileira de Assistência-LBA) organizations 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 a credited contribution.
• In Brazil, employers provide voluntary retirement benefits to their employees through Closed supplementary Pension Entities (EFPC) and Open supplementary pension Entities (EAPC) plans.

Scope

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

• 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, social inclusion program, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Brazil

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