Employee Benefits in Zambia 2024

Employee Benefits in Zambia 2024

Summary

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

The Zambian social security system is based on the social insurance model and protects against income loss due to retirement, disability, and death. All employed individuals in the formal sector are required to contribute to the statutory pension scheme. Individuals not covered by the scheme can contribute voluntarily. The insurance industry’s growth was recently affected by bottlenecks such as its legal framework, fiscal regime, and investment climate, which are expected to be addressed soon by the Pensions and Insurance Authority.

Key Highlights

• The Zambia National Provident Fund, National Pension Scheme Authority, Public Service Pension Fund, Local Authorities Superannuation Fund, Department of Social Security, and Ministry of Labor and Social Security 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 Zambia, employees are provided with supplementary retirement benefits (both DB and DC) through occupational pension schemes in addition to the statutory retirement benefits. Employers can offer schemes either through DB or DC schemes.

Scope

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

• 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, short-term disability benefits, short-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Zambia

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