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Employee Benefits in Luxembourg 2020

October 2020 | 54 pages | ID: E104F19CB78AEN
GlobalData

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Employee Benefits in Luxembourg 2020

SUMMARY

Luxembourg has a comprehensive social security system. It is based on principles of solidarity that guarantee generous pension benefits and widespread access to extensive health and long-term care services. A uniform social security status was introduced for all private-sector employees in 2009, which led to structural changes in the social security system, the establishment of equal rights for all employees, and the harmonization of contributions and benefits under the social security system. The flexible pension system, which rewards deferred retirement, motivates employees to work longer, while the well-developed care systems and labor market policies encourage the recruitment of older workers. The increase in the aging workforce is a major concern for the country, as it may adversely affect the sustainability of the welfare system and the maintenance of the pension system. Therefore, continuous and sustainable economic and employment growth is necessary for the viable development of the social security system.
The report provides in-depth industry analysis, information and insights of the employee benefits in Luxembourg, including: overview of the state and compulsory benefits in Luxembourg, detailed information about the private benefits in Luxembourg, 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 Luxembourg.

KEY HIGHLIGHTS
  • Luxembourg’s social security system is centrally managed by the Centre Commun de la S?curit? Sociale.
  • State and compulsory benefits in Luxembourg cover the risks of old-age, disability, death, sickness, maternity, workplace accidents, occupational diseases and unemployment under the social security system
  • The system is equally represented by employers and employees, as well as by different groups of self-employed individuals.
  • In Luxembourg, employers provide voluntary retirement benefits to their employees through voluntary insurance contracts
SCOPE

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

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: Luxembourg - Country Statistics
Table 3: Luxembourg - Social Minimum Wage 2020
Table 4: Luxembourg - Contribution by Employer and Employee
Table 5: Monthly amount for an unemployed couple
Table 6: Luxembourg-Public Holidays 2020

LIST OF FIGURES

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


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