The report provides in-depth industry analysis, information and insights into employee benefits in Zambia, including:
• An overview of state and compulsory benefits in Zambia
• Detailed information about private benefits in Zambia
• Insights into various central institutions responsible for the administration of the different branches of social security
• The regulatory framework for Zambian employee benefits
Executive Summary :
The Zambian social security system is based on the social insurance model and provides protection against income loss due to retirement, disability and death. All employed individuals in the formal sector are required to contribute to statutory pension scheme. Individuals not covered by the scheme can contribute voluntarily. The combined asset size of the statutory pension scheme was estimated to be ZMW6.0 billion (US$1.0 billion) in 2012, while the voluntary pension’s combined asset-size was ZMW3.2 billion (US$549.0 million). However, the insurance industry’s growth was recently affected by bottlenecks such as its legal framework, fiscal regime and investment climate, which are expected to be addressed by the Pensions and Insurance Authority in 2015.
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This report provides a detailed analysis of employee benefits in Zambia:
• 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, and annual vacations
• It highlights the economic situations relating to employee benefits in Zambia
Key Highlights :
• The Zambian social security system is based on the social insurance model and provides protection against income loss due to...