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Employee Benefits in Colombia 2020

October 2020 | 44 pages | ID: EF25571571FEN
GlobalData

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Employee Benefits in Colombia 2020

SUMMARY

Colombia has a basic social security system with low coverage and participation. The country’s social insurance system was initially introduced for public sector employee groups only. Private sector employees secured coverage in 1946. Pension benefits were introduced with the creation of the Social Security Institute (ISS) in 1967. However, the ISS faced problems immediately due to low coverage and participation rates. To overcome this problem, the government created a new social security system through Law 100 of 1993. The law introduced a dual public-private competitive pension system - R?gimen de Prima Media or average premium scheme (RPM), and the R?gimen de Ahorro individual con Solidaridad, or individual savings system with solidarity (RAIS). In 2012, the administration of RPM was transferred from ISS to Colpensiones, a state-owned financial institution supervised by the Ministry of Labor, due to problems with debt and inefficiency. Private sector employees can choose between RPM and RAIS and have the option to change their membership once every five years. For self-employed and unemployed individuals there is a voluntary regime. Armed forces, police, and teachers have their separate systems.
The report provides in-depth industry analysis, information and insights of the employee benefits in Colombia, including: overview of the state and compulsory benefits in Colombia, detailed information about the private benefits in Colombia, 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 Colombia.

KEY HIGHLIGHTS
  • The Ministry of Social Protection of Colombia administers the social security system
  • It aims at improving the quality of life, of those who are venerable or in a situation of greater need.
  • The law encourages giving tax breaks to companies so that they provide jobs to the unemployed.
  • In Colombia, employees in the private sector can opt between RPM and RAIS and change their membership once every five years.
SCOPE

This report provides a detailed analysis of employee benefits in Colombia -
  • 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 Colombia
REASONS TO BUY
  • Make strategic decisions using in-depth information related to employee benefits in Colombia.
  • Assess Colombia'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 Colombia.
  • Gain insights into key organizations governing Colombia's employee benefits, and their impact on companies.
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions

3 COUNTRY STATISTICS

4 OVERVIEW OF EMPLOYEE BENEFITS IN COLOMBIA

5 REGULATIONS

6 STATE AND COMPULSORY BENEFITS

6.1 Retirement Benefits
  6.1.1 Introduction
  6.1.2 Eligibility
  6.1.3 Benefits
  6.1.4 Payment Options
  6.1.5 Contributions
6.2 Death Benefits
  6.2.1 Introduction
  6.2.2 Eligibility
  6.2.3 Benefits
  6.2.4 Payment Options
  6.2.5 Contributions
6.3 Long-Term Disability Benefits
  6.3.1 Introduction
  6.3.2 Eligibility
  6.3.3 Benefits
  6.3.4 Payment Options
  6.3.5 Contributions
6.4 Short Term Sickness Benefits
  6.4.1 Introduction
  6.4.2 Eligibility
  6.4.3 Benefits
  6.4.4 Payment Options
  6.4.5 Contributions
6.5 Medical Benefits
  6.5.1 Introduction
  6.5.2 Eligibility
  6.5.3 Benefits
  6.5.4 Payment Options
  6.5.5 Contributions
6.6 Workers’ Compensation Insurance
  6.6.1 Introduction
  6.6.2 Eligibility
  6.6.3 Benefits
  6.6.4 Payment Options
  6.6.5 Contributions
6.7 Maternity and Paternity Benefits
  6.7.1 Introduction
  6.7.2 Eligibility
  6.7.3 Benefits
  6.7.4 Payment Options
  6.7.5 Contributions
6.8 Other Benefits
  6.8.1 Family Benefits
  6.8.2 Unemployment Benefits
  6.8.3 Leaves and Holidays

7 PRIVATE BENEFITS

7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits

8 APPENDIX

8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Colombia - Country Statistics
Table 3: Colombia - Fixed National and Public Holidays
Table 4: Colombia - Dismemberment Benefits


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