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.
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 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.
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 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.
Key Highlights
- Superintendent of Pensions(Superintendencia present, SP), Institute of Social Security (Instituto de Previsión Social, IPS), Pension Fund Managers (Administradoras de Fondos de Pensiones, AFP) and Unemployment Funds Manager (Administradora de Fondos de Cesant´ia, AFC) 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 a credited contribution
- In Chile, employers provide voluntary retirement benefits to their employees through employer-sponsored pension plans and group life insurance
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
Table of Contents
1. Executive Summary3. Country Statistics4. Overview of Employee Benefits in Chile5. Regulations
2. Introduction
6. State and Compulsory Benefits
7. Private Benefits
List of Tables
