Luxembourg Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefit

Luxembourg Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update

Summary

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

Luxembourg has a comprehensive social security system. It is based on principles of solidarity that guarantee generous pension benefits and widespread access to extensive health and long-term care services. A uniform social security status was introduced for all private-sector employees in 2009, which led to structural changes in the social security system, the establishment of equal rights for all employees, and the harmonization of contributions and benefits under the social security system. The flexible pension system, which rewards deferred retirement, motivates employees to work longer, while the well-developed care systems and labor market policies encourage the recruitment of older workers. The increase in the aging workforce is a major concern for the country, as it may adversely affect the sustainability of the welfare system and the maintenance of the pension system. Therefore, continuous, and sustainable economic and employment growth is necessary for the viable development of the social security system.

Key Highlights

• General Inspectorate for Social Security (l’Inspection Générale de la Sécurité Sociale - IGSS under the authority of Ministry of Social Security (Ministère de la sécurité sociale) 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 Luxembourg, employers provide voluntary retirement benefits to their employees through group insurance schemes in the form of ASSEPS, ASBLs, and SEPCAVs, ASSEPS, also known as Pension Savings Associations.

Scope

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

• 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, minimum resoures, Long-Term care, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Luxembourg

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