Employee Benefits in Costa Rica

Published: Feb, 2015 | Pages: 57 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis

The Costa Rican social security system provides universal cover for healthcare and old-age needs of people living in Costa Rica. While all employees are required to contribute, the social security system also takes care of those unable to do so. The means-tested system ensures that people living in poverty have access to basic necessities. The Caja Costarricense de Seguro Social (Costa Rican Department of Social Security, CCSS) is the main regulator of the Costa Rican social security system.


Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Costa Rica, including:

 An overview of state and compulsory benefits in Costa Rica

 Detailed information about private benefits in Costa Rica

 Insights into various central institutions responsible for the administration of the different branches of social security 

 The regulatory framework of employee benefits in Costa Rica

Scope
This report provides a detailed analysis of employee benefits in Costa Rica:

 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, minimum resources, annual vacations, unemployment and private benefits

 It highlights the economic and regulatory situations relating to employee benefits in Costa Rica

Reason To Buy
 Make strategic decisions using in-depth information related to employee benefits in Costa Rica

 Assess Costa Rica'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 Costa Rica

 Gain insights into key organizations governing Costa Rica's employee benefits, and their impact on companies 

Key Highlights
 The Costa Rican social security system is one of the most developed and comprehensive in the region. Employers and employees operating in Costa Rica are required to participate in the mandatory social security schemes.

 Costa Rica also has a universal healthcare system, which covers the medical needs of both the insured and underprivileged sections of society which are in need of immediate medical care. Employers and employees are required to contribute to this insurance.

 Employers are also required to contribute to several schemes that benefit employees, limiting the scope of private benefits provided by employers. One employee benefit offered by private Costa Rican employers is private medical insurance, which offers wider cover and more options than the public system.

 Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Costa Rica
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
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 Employee and employer contributions
6.2.6 Taxation
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 Employee and employer contributions
6.3.6 Taxation
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 Typical employer practice
6.4.6 Employee and employer 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 Typical employer practice
6.5.6 Employee and employer contributions
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer 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 Employee and employer contributions
6.8 Minimum Resources
6.8.1 General System
6.8.2 Guarantee of income for elder persons
6.8.3 Allowances for disabled persons
6.8.4 Other Benefits
6.9 Annual Vacations
6.1 Unemployment
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
7 Private Benefits
7.1 Retirement Benefits
7.2 Medical and Health Benefits
7.3 Life Insurance Benefits
7.4 Fringe Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-CRC
8.1.8 Unemployment rate
8.1.9 Household Consumption Expenditure
8.1.10 Gross National Disposable Income
8.2 Demographics
8.2.1 Total Population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions 
Table 2: Costa Rica - Country Statistics 
Table 3: Costa Rican Contribution rates for IVM 
Table 4: Costa Rican Retirement Pension - Eligibility for Early Retirement 
Table 5: Costa Rican Retirement Benefits - IVM Pension Calculation 
Table 6: Costa Rican Survivor Pension Calculation 
Table 7: Costa Rican Long-Term Disability Pension - Number of Contributions Required to Qualify 
Table 8: Costa Rican Long-Term Disability Pension Calculation 
Table 9: Costa Rican Short-Term Sickness Benefits - Financial Allowance for Self-employed 
Table 10: Costa Rican Maternity Benefits - Allowances for the Self-Employed 
Table 11: Costa Rican Unemployment Benefits - Severance Pay Calculation