DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/q2kt4l/employee_benefits) has announced the addition of the "Employee Benefits in Latvia" report to their offering.
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 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.
Scope
- 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 benefits, medical benefits, workmen's compensation, maternity and paternity benefits, family benefits, minimum resources, unemployment and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Latvia
Key Highlights
- The Latvian social security system covers a large proportion of the population, and plays a significant role in the country's employee benefits market
- The Latvian social security system is organized by the Ministry of Welfare and consists of 11 branches
- The voluntary private pillar in Latvia started its operations in 1998, and contributions to pension funds are directly made by participants or employers
- Only 5% of Latvian companies offer voluntary occupational schemes
For more information visit http://www.researchandmarkets.com/research/q2kt4l/employee_benefits
