Employee Benefits in Estonia 2024

Employee Benefits in Estonia 2024

Summary

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

Estonia has a well-developed social security system that covers the risks of employees, self-employed persons, and their family members. The Estonian social protection system includes pension, health, and unemployment insurance. Pension and health insurance are financed by social taxes, while unemployment insurance is financed by contributions. General state revenues fund benefits for disabled individuals, the national pension, death grants, and family benefits. The Ministry of Social Affairs is accountable for social security, social care, and welfare. The main reforms of the Estonian pension system took place in the late 1990s. In 1999, the first pillar (state pension insurance schemes) was restructured, the second pillar (compulsory funded pension schemes) was introduced in 2002, and the third pillar (private pension schemes) was established in 1998. The private companies in Estonia offer private pension programs to employees.

Key Highlights

• The Social Insurance Board (Sotsiaalkindlustusamet) and Health Insurance Fund 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 Estonia, employers provide defined benefit supplementary retirement benefits to their employees.

Scope

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

• 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 benefits, long-term care benefits, minimum resources benefits, leaves and holidays, and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Estonia

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