Employee Benefits in the Dominican Republic 2024

Employee Benefits in the Dominican Republic 2024

Summary

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.

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, such as the Food First (Comer es Primero - CEP) incentive program, attendance incentive, and incentive for higher education.

Key Highlights

• National Council for Social Security, Treasury of the Social Security Agency, Superintendent of Pensions, Superintendent of Health and Labor Risks, Pension Fund Administrators, National Health Insurance 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, DB pension plans are not prevalent in the country. A few employers provide complementary DC retirement schemes.

Scope

This report provides a detailed analysis of employee benefits in the Dominican Republic -

• 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, medical benefits, workmen's compensation insurance, maternity and paternity benefits, Soliditary benefit, Overtime compensation, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in the Dominican Republic

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