Employee Benefits in Finland

Published: Sep, 2014 | Pages: 65 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights of the employee benefits in Finland, including:
An overview of the state and compulsory benefits in Finland
Detailed information about the private benefits in Finland
Insights into various central institutions responsible for the administration of the different branches of social security 
The regulatory framework and recent regulations relating to Finnish employee benefits 

Summary
Finland has one of the most developed and well-established welfare systems in the Nordic region. In order to facilitate its citizens with decent living conditions, the Finnish government provides various welfare schemes, including social insurance for sickness, pension and unemployment, workers' compensation and a comprehensive health scheme. In addition, the government provides other welfare schemes such as child-care services, family aid and disabled services. The Finnish social security system is broadly divided into two categories: the residence-based system and the earning-related system. The residence-based social security system is financed by revenue from various general taxes including earned income tax, property tax and corporate tax and is governed by the independent Social Security Institute, known as Kela (Kansanelakelaitos). In contrast, the earning-related social security system is financed through contributions made by the private pension fund and private insurance companies, and is governed by the Finnish Centre for Pensions. 
Scope
This report provides a detailed analysis of employee benefits in Finland:
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 Finland 
Reason To Buy
 Make strategic decisions using in-depth information related to Finnish employee benefits
Assess the Finnish employee benefits market, including state and compulsory benefits and private benefits
Gain insights into the key employee benefit schemes offered by private employers in Finland
Gain insights into key regulations governing Finnish employee benefits, and their impact on companies 
Key Highlights
 Finnish state and compulsory benefits are predominantly dominated by the country's social security system, which provides various welfare schemes for its citizens, including social insurance, health schemes and earning-related social security schemes
The Finnish social security system is broadly divided into two categories: residence-based and earning-related
The residence-based social security system is financed by revenue from various taxes and is governed by the independent Social Security Institute, known as Kela (Kansanelakelaitos).
The earning-related social security system is financed thorough contributions made by the private pension fund and private insurance companies, and is governed by the Finnish Centre for Pensions.
Apart from the benefits provided by national pension insurance and earning-related pension schemes, employees in private companies are also provided with certain private benefits including retirement, disability, medical health and death benefits

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Finland
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 Pensioble salary
6.1.6 Benefits
6.1.7 Payment options
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 6.2.5 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 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 Employee and employer contributions
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Employee and employer contributions
6.6.5 Taxation
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
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Taxation
6.1 Annual Vacations
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Holiday Pay
6.10.4 Holiday compensation
6.11 Unemployment
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment Options
6.11.5 Employee and employer contributions
6.11.6 Taxation
6.12 Long-term Care Benefits
6.12.1 Introduction
6.12.2 Eligibility
6.12.3 Benefits
6.12.4 Payment options
6.12.5 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other 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 split by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-EUR
8.1.8 Unemployment rate
8.1.9 Gross tiol disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Urban and rural populations
8.2.3 Labor force
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: Finnish Country Statistics 
Table 3: Finnish Spouse Pension (EUR), 2014 
Table 4: Finnish Statutory Earnings (%), 2014 
Table 5: Finnish Spouse Pension, 2014 
Table 6: Finnish Orphans Pension, 2014 
Table 7: Finnish Disability Allowance 
Table 8: Finnish Care Allowance 
Table 9: Finnish Child Disability Allowance 
Table 10: Finnish Sickness Allowance (EUR), 2014 
Table 11: Finnish Employee and Employer Contributions (EUR), 2014 
Table 12: Finnish Paternity and Parental Allowance (EUR), 2014 
Table 13: Finnish Payment Options (EUR), 2014 
Table 14: Finnish Forms of Pensioners Care Allowances (EUR), 2014