Employee Benefits in Portugal, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in Portugal, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

The Portuguese social security system is based on universality; it ensures that the social protection provided by the system is available for everyone. It consists of the Public Social Security System, the Social Action System, and the Supplementary System. The Public Social Security System has three subsystems called Welfare, Solidarity, and Family Support System. The welfare system is a contributory scheme that protects the employed and the self-employed against the risk of losing a regular income due to sickness, maternity, unemployment, disability, death, retirement, and occupational diseases. The solidarity system is a non-contributory system that guarantees citizenship rights and aims to eliminate poverty. It is primarily meant for agricultural workers who are not covered under the welfare system. In the event of disability and dependency, the provision of financial support to meet family expenditures is made by Family Support System. Social Action System is aimed at protecting the interests of special categories of people such as children, disabled youngsters, and the elderly. The supplementary system is optional, and it consists of supplementary group initiative schemes, individual initiative schemes, and the public capitalization scheme, including pension funds financed by the employers, life assurance, and savings plans.

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

Key Highlights

• The Social Security Institute, National Pensions Centre, National Centre for the Protection against Professional Risks, Social Security District Centers, Institute for Employment and Professional Training, the Ministry of Finance, and National Health Service 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 Portugal, employers provide voluntary retirement benefits to their employees through Open pension funds, Closed pension funds and Group insurance.

Scope

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

• 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, Minimum Resources, Long-Term Care benefit, unemployment, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Portugal

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