Employee Benefits in Spain, 2020 Update

Employee Benefits in Spain, 2020 Update

  • GlobalData
  • September 2020
  • Banking
  • 51 pages

Report Description

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Employee Benefits in Spain, 2020 Update

Summary

The Spanish social security system covers the countrys entire population, including foreigners who work in the country. It also protects those of Spanish origin, as well as their dependents who reside in foreign countries. The main objective of this system is to formulate a single and integrated model of social protection, in order to guarantee adequate social assistance and a source of funds for various benefits, with contributions from insured individuals, employers, and the state. However, the recent sovereign debt crisis in Europe has adversely impacted the Spanish social security system. The recession in property dealings affected Spains property and housing sector, and thus raised the level of unemployment. As a result of this, the payment of unemployment benefits has increased, rising government expenditure, and forcing the state to impose high taxes and charge for all free medical and healthcare services. Furthermore, the countrys private employee benefits sector was also adversely affected by the crisis

The report provides in-depth industry analysis, information and insights of the employee benefits in Spain, including: overview of the state and compulsory benefits in Spain, detailed information about the private benefits in Spain, 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 Spain.

Key Highlights

- The National Social Security Institute (INSS) is responsible for the functioning of the overall social security system.
- A persons 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 Spain, employers provide voluntary retirement benefits to their employees through voluntary insurance contracts

Scope

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

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in Spain.
- Assess Spain's employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Spain.
- Gain insights into key organizations governing Spain's employee benefits, and their impact on companies.

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Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions

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