Employee Benefits in Venezuela 2024

Employee Benefits in Venezuela 2024

Summary

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

The Venezuelan social security system was established in 1940 and was later amended in 1966, 1989, 1991, and 2002. It is based on solidarity and the redistribution of funds, and not on individual capitalization. It is governed by the Venezuelan Institute of Social Security - Instituto Venezolano de los Seguros Sociales (IVSS) - and comprises four systems: the healthcare services system; the social insurance system; the housing system; and the work health and safety scheme. It covers the Venezuelan workforce, union leaders, members of cooperatives, domestic servants, taxi drivers, and their dependents. The system does not cover temporary and casual workers or the self-employed.

Key Highlights

• The Venezuelan Institute of Social Security (IVSS), and National Institute for Prevention, Health, and Security at Work (INPSASEL) 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 Venezuela, employers usually do not provide supplementary retirement benefits to their employees as the statutory pension system is predominant, and the scope for employer-sponsored supplementary retirement benefits is low.

Scope

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

• 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, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Venezuela

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