Dominican Republic 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

Dominican Republic 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, 2022 Update

Summary

The Dominican Republic has a comprehensive social security system. There are three schemes under which social security benefits are granted to the country’s residents and citizens: a contributory scheme that covers employees; a contributory subsidized scheme for self-employed individuals and technicians that is yet to be implemented; and a fully subsidized scheme that covers unemployed and severely disabled persons who do not have a stable income and earn below the minimum wage. The 2003 economic crisis forced the government to reduce public social spending, discontinue several programs and focus on the social protection of the country’s poorest residents through the introduction of the solidarity card and programs like the eating first incentive program, attendance incentive, and incentive for higher education.

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

Key Highlights

• National Council for Social Security Fund - CNSS,Treasury of the Social Security Agency, and Superintendent of Health and Labor Risks 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 the Dominican Republic, employers provide voluntary retirement benefits to their employees through occupational pension schemes, master trust and automatic enrollment.

• 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 relief distress, compensation, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in the Dominican Republic

• 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