Statutory and Private Employee Benefits (including Social Security) in Chile, 2022 Update - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, and Medical Benefits as well as Other State and

Statutory and Private Employee Benefits (including Social Security) in Chile, 2022 Update - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, and Medical Benefits as well as Other State and Private Benefits

Summary

Chile was one of the first countries in the Americas to set up state-sponsored social security coverage. The country’s pension system consists of multiple pillars - a non-contributory first pillar, a fully-funded second pillar, and a voluntary third pillar. In 1981, a new privatized system was introduced to carry out social security schemes. Private sector insurance companies called pension fund managers to administer these programs and the state is in charge of the regulations. Under this new system, formal employees are mandated to contribute to the personal account, which is managed by a pension fund manager.The report provides in-depth industry analysis, information, and insights of the employee benefits in Chile, including an overview of the state and compulsory benefits in Chile, detailed information about the private benefits in Chile, 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 Chile.

Key Highlights

• The Superintendent of Pensions, Institute of Social Security, Energy, Pension Fund Managers, and Unemployment Funds Manager organizations 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 unemployment benefits.
• In Chile, employers provide voluntary retirement benefits to their employees through occupational pension schemes, individual selected plans and employer sponsored plans.

Scope

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

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

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