Zambia 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, 2

Zambia 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, 2022 Update

Summary

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.

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.

Key Highlights

• The National Pension Scheme Authority, Public Service Pension Fund, Local Authorities Superannuation Fund, and Department of 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, employers provide voluntary retirement benefits to their employees through occupational pension schemes.

• 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, short-term sickness benefit, 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

• 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