Employee Benefits in Chile 2018
Chile was one of the first countries in the Americas to set up state-sponsored social security coverage. The countrys 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.
The report provides in-depth industry analysis, information and insights of the employee benefits in Chile, including: 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 has a comprehensive social security system that protects citizens from illness, disability, old age, unemployment, and poverty.
- The countrys pension system consists of multiple pillars - a non-contributory first pillar, a fully funded second pillar and a voluntary third pillar.
- In some situations, employees will make voluntary contributions to their mandatory contribution account, or to a voluntary savings plan, known as Depsitos Convenidos (agreed deposits), to increase the benefit amount while retiring.
- Contributions made by employers towards social security benefits are not subject to taxation.
- 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, leave 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 Chile.
- Assess Chilean employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Chile.
- Gain insights into key organizations governing Chilean employee benefits, and their impact on companies.
Table of Contents
1 EXECUTIVE SUMMARY
2.1 What is this Report About?
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN CHILE
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.5 Payment Options
6.1.6 Typical Employer Practice
6.1.7 Employee and employer contributions
6.2 Death in Service
6.2.4 Payment Options
6.2.5 Typical Employer Practice
6.2.6 Employee and employer contributions
6.3 Long-Term Disability Benefits
6.3.4 Payment Options
6.3.5 Typical Employer Practice
6.3.6 Employee and employer contributions
6.4 Short-Term Sickness Benefits
6.4.4 Payment Options
6.4.5 Typical Employer Practice
6.4.6 Employee and employer contributions
6.5 Medical Benefits
6.5.4 Typical Employer Practice
6.5.5 Employee and employer contributions
6.6 Workmens Compensation Insurance
6.6.4 Payment Options
6.6.5 Typical Employer Practice
6.6.6 Employee and employer contributions
6.7 Maternity and Paternity Benefits
6.7.4 Payment Options
6.7.5 Typical Employer Practice
6.7.6 Employee and employer contributions
6.8 Family Benefits
6.8.4 Payment Options
6.8.5 Typical Employer Practice
6.8.6 Employee and employer contributions
6.9 Unemployment Benefits
6.9.4 Payment Options
6.9.5 Typical Employer Practice
6.9.6 Employee and employer contributions
6.1 Leave and Holidays
6.10.1 Annual Leave
6.10.2 Public Holidays
6.10.3 Weekly rest days
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical and Health Benefits
7.6 Other Benefits
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalDatas Services
List of Tables
Table 1: Insurance Industry Definitions
Table 2:Chile- Country Statistics
Table 3: Chile Retirement Benefits - Monthly Minimum Pension
Table 4: Chile Retirement Benefits - Contributions by Insured Individuals 2017
Table 5: Chile Retirement Benefits - Contributions by Self-employed Individuals 2017
Table 6: Chile Retirement Benefits - Contributions by Employers 2017
Table 7: Chile Retirement Benefit - Contributions by the Government 2017
Table 8: Chile Death in Service Benefits - Minimum Amount Paid as Spouse Pension (Mandatory Individual Account)
Table 9: Chile Death in Service Benefits - Minimum Amount Paid as Spouse Pension (Social Insurance)
Table 10: Chile Short-Term Sickness Benefits - Public System Contributions Rates
Table 11: Chile Short-term Sickness Benefits - Private System Contributions Rates
Table 12: Chile Workmens Compensation - Minimum Spouse Pension
Table 13: Chile Workmens Compensation - Payment Options
Table 14: Chile Workmens Compensation - Contributions Rates
Table 15: Chile Family Benefits - Monthly Allowance to Dependents
Table 16: Chile Unemployment Benefits - Monthly Amount Paid Under Employment-related System
Table 17: Chile Unemployment Benefits - Monthly Amount Paid Under Mandatory Individual Account
Table 18: Chile Unemployment Benefits - Minimum Monthly Amount Paid Under Mandatory Individual Account
Table 19: Chile Unemployment Benefits - Mandatory Individual Account Contributions Rates
Table 20: Chile - Public Holidays
List of Figures
Figure 1: Chile - Main Institutions of Social Security System
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