The report provides in-depth industry analysis, information and insights into employee benefits in Chile, including:
• An overview of state and compulsory benefits in Chile
• Detailed information about private benefits in Chile
• Insights into various central institutions responsible for the administration of the different branches of social security
• The regulatory framework and recent regulations relating to Chilean employee benefits
Executive Summary :
Chile was one of the first countries in the Americas to set up state-sponsored social security cover. 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. These programs are administered by private sector insurance companies called pension fund managers 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.
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 benefits, long-term disability benefits, short-term sickness, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, unemployment, leave and holidays, termination indemnities and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Chile
Key Highlights :
• Chile has a comprehensive social security system that protects citizens from illness, disability, old age, unemployment and poverty.
• The voluntary savings plan can be either in the form of an individual selected plan or...