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Employee Benefits in Finland 2024

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    Report

  • 58 Pages
  • May 2024
  • Region: Finland
  • GlobalData
  • ID: 5332624
The report provides in-depth industry analysis, information, and insights of the employee benefits in Finland, including an overview of the state and compulsory benefits in Finland, detailed information about the private benefits in Finland, 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 Finland.

Finland has one of the most developed and well-established welfare systems in the Nordic region. In order to provide its citizens with decent living conditions, the Finnish government provides various welfare schemes, including social insurance for sickness, pension and unemployment, workers’ compensation, and a comprehensive health scheme. In addition, the government provides other welfare schemes such as child-care services, family aid, and disabled services. The Finnish social security system is broadly divided into two categories: the residence-based system and the earning-related system. The residence-based social security system is financed by revenue from various general taxes including earned income tax, property tax, and corporate tax, and is governed by the independent Social Security Institute, known as Kela (Kansaneläkelaitos). In contrast, the earning-related social security system is financed through contributions made by the private pension fund and private insurance companies and is governed by the Finnish Centre for Pensions.

Key Highlights

  • The Social Insurance Institution of Finland (Kela) is 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 Finland, employers provide voluntary retirement benefits to their employees through compulsory occupational pension schemes.

Scope

This report provides a detailed analysis of employee benefits in Finland :

  • 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, unemployment benefits, family benefits, long-term benefits, minimum resources benefits, leaves and holidays and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in Finland

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

Table of Contents

1. Executive Summary
2. Introduction
2.1 What is this Report about?
2.2 Definitions
3. Country Statistics4. Overview of Employee Benefits in Finland5. Regulations
6. State and Compulsory Benefits
6.1 Retirement Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.2 Death in Service
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.3 Long-Term Disability Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.4 Short-Term Sickness Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.5 Medical Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.6 Workers’ Compensation insurance
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.7 Maternity and Paternity Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.8 Other Benefits
  • Unemployment Benefits
  • Family Benefits
  • Long-term care Benefits
  • Minimum Resources Benefits
  • Leaves and Holidays
7. Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits
7.6 Other Benefits
  • About the Analyst
  • Contact the Publisher
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Finland - Country Statistics, 2023
Table 3: Finland - Retirement Age
Table 4: Finland - Spouse Pension
Table 5: Finland - Orphan’s Pension
Table 6: Finland - Disability Allowances, 2022
Table 7: Finland - Disability Allowances, 2024
Table 8: Finland - Maternity Allowance, 2024
Table 9: Finland - Income limits for care allowance 2024
Table 10: Finland - Forms of Pensioner Care Allowances
Table 11: Finland - Basic Social Assistance Benefit 2024
Table 12: Finland - Notice Period 2024
Table 13: Finland - Public Holidays 2024