Employee Benefits in Latvia 2024

Employee Benefits in Latvia 2024

Summary

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

The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system. The state social insurance system covers legislation on social insurance, maternity and sickness insurance, state pensions, mandatory social insurance against accidents, and insurance against unemployment. Social assistance and the social service system are regulated by the Law on State Social Benefits and Law on Social Services and Social Assistance. The Latvian pension system is divided into three pillars: the first is a notional defined-contribution (DC) system which works on a pay-as-you-go (PAYG) basis, the second is a funded mandatory pillar, and the third is a voluntary private occupational and individual pension system. The reformation of pensions began in Latvia in 1991, and it was the first Central and Eastern European country to restructure the first pillar of its pension system.

Key Highlights

• The Ministry of Social Welfare (Labklājības ministrija), Ministry of Health (Veselības ministrija), State Social Insurance Agency (Valsts sociālās apdrošināšanas aģentūra), and National Health Service (Nacionālais veselības dienests) 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 Latvia, employers provide voluntary retirement benefits to their employees through voluntary occupational schemes.

Scope

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

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

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