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Employee Benefits in Latvia 2020

October 2020 | 57 pages | ID: ECB3DF527E22EN
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Employee Benefits in Latvia 2020

SUMMARY

The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system. The state social insurance system covers legislation on social insurance, maternity and sickness insurance, state pensions, mandatory social insurance against accidents, and insurance against unemployment. Social assistance and the social service system are regulated by the Law on State Social Benefits and Law on Social Services and Social Assistance. The Latvian pension system is divided into three pillars: the first is a notional defined-contribution (DC) system which works on a pay-as-you-go (PAYG) basis, the second is a funded mandatory pillar, and the third is a voluntary private occupational and individual pension system. Reformation of pensions began in Latvia in 1991, and it was the first Central and Eastern European country to restructure the first pillar of its pension system.
The report provides in-depth industry analysis, information and insights of the employee benefits in Latvia, including: overview of the state and compulsory benefits in Latvia, detailed information about the private benefits in Latvia, 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 Latvia.

KEY HIGHLIGHTS
  • The Ministry of Social Welfare is responsible for organizing the social security system in Latvia.
  • The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system.
  • The State Social Insurance Agency is responsible for managing all benefits related to state social insurance, and benefits are paid regularly in the form of lump-sum amounts.
  • In Latvia, employers provide voluntary retirement benefits to their employees through voluntary insurance contracts
SCOPE

This report provides a detailed analysis of employee benefits in Latvia -
  • 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 Latvia
REASONS TO BUY
  • Make strategic decisions using in-depth information related to employee benefits in Latvia.
  • Assess Latvia'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 Latvia.
  • Gain insights into key organizations governing Latvia'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 LATVIA

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 Long Term Care Benefits
  6.8.3 Minimum Resources
  6.8.4 Unemployment Benefits
  6.8.5 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: Latvia - Country Statistics
Table 3: Latvia - Workmen’s Compensation, Permanent Incapacity Monthly Benefits
Table 4: Latvia - Unemployment Benefits, Rates of Benefits
Table 5: Latvia - Monthly Child Raising Allowance
Table 6: Latvia - Family Benefits - Supplementary Monthly Child Raising Allowance
Table 7: Latvia - Fixed National and Public Holidays 2020

LIST OF FIGURES

Figure 1:-Latvia - Main Institutions of Social Security System


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