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Employee Benefits in The US 2020

October 2020 | 48 pages | ID: E59A20B05FB7EN
GlobalData

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Employee Benefits in The US 2020

SUMMARY

The US pension system has been facing much turbulence, regardless of the increase in the number of pensioners every year. The US pension system includes everyone from means-tested to private employees. The US’s social security system is based on the principle of defined-benefits and is generally managed by the state government. The social security system covers a limited number of benefits and provides them based on the insured’s contribution period. The US has three pillar pension system. First pillar is made for means-tested individuals, second pillar has given the liberty of choosing among mandatory DB and DC plans to the individuals while the third pillar involves voluntary DC pension schemes.
The report provides in-depth industry analysis, information and insights of the employee benefits in the US, including: overview of the state and compulsory benefits in the US, detailed information about the private benefits in the US, 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 the US.
Key Highlights
  • Employee benefits in the US are a partnership between employers, employees and the government.
  • The social security system provides compulsory benefits for retirement, death, workers compensation, disability, medical, unemployment benefits, family and medical leave.
  • The Old-Age, Survivors, and Disability Insurance (OASDI) program, also known as social security, covers most of the working population with the exception of government workers, some agricultural employees, family labor and others.
  • In the US, employers offer supplementary retirement benefits through DB, DC, or Cash Balance (hybrid) plans under Pillar II.
SCOPE

This report provides a detailed analysis of employee benefits in the US -
  • 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 The US
REASONS TO BUY
  • Make strategic decisions using in-depth information related to employee benefits in Malta.
  • Assess Malta’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 Malta.
  • Gain insights into key organizations governing Malta’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 THE US

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 in Service
  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 Workmen’s Compensation Insurance
  6.6.1 Introduction
  6.6.2 ligibility
  6.6.3 Benefits
  6.6.4 Payment Options
  6.6.5 Contributions
6.7 Other Benefits
  6.7.1 Unemployment Benefits
  6.7.2 Family Benefits
  6.7.3 Supplemental Security Income
  6.7.4 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 Benefit

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: The US - Country Statistics
Table 3: The US - Social Security Contribution
Table 4: The US - Minimum wages increased
Table 5: The US - Age to receive full Social Security benefits
Table 6: The US - Medical Benefits - Additional Medicare Tax
Table 7: The US - Federal Holidays, 2020
Table 8: The US - Accidental health and Dismemberment benefits

LIST OF FIGURES

Figure 1: The US - Main Institutions of Social Security System


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