Costa Rica Statutory and Private Employee Benefits, 2023 Update

Costa Rica Statutory and Private Employee Benefits, 2023 Update

Summary

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

The Costa Rican social security system provides universal cover for the healthcare and old age needs of people living in Costa Rica. While all employees are required to contribute, the social security system also takes care of those unable to do so. The means-tested system ensures that people living in poverty have access to necessities. The Caja Costarricense de Seguro Social (Costa Rican Department of Social Security, CCSS) is the main regulator of the Costa Rican social security system.

Key Highlights

• Ministry of Labor and Social Security, Costa Rican Social Security Fund, Superintendent of Pensions, National Institute of Insurance 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 credited contribution.
• In Costa Rica, employers provide voluntary retirement benefits to their employees through RVPCs, a DC retirement plan operated by an approved OPC. Only the Complementary Pension Operators (OPC) offer the plans.

Scope

This report provides a detailed analysis of employee benefits in Costa Rica -

• 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 benefit, minimum resources benefit, leaves and holidays and private benefits.
• It highlights the economic and regulatory situations relating to employee benefits in Costa Rica.

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