Employee Benefits in Lithuania

Published: Sep, 2014 | Pages: 59 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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

Summary
Lithuania inherited a Soviet-style pension system with characteristics such as generous early retirement provisions, privileges for certain occupational groups, and a weak link between contributions and benefits. The economic crisis in the 1990s forced the Lithuanian government to undertake pension system reforms in 1995. The reforms were intended to make changes in the State Social Pension Insurance (first pillar), enhance the stability of the system by eliminating the generous early retirement provisions, and create a strong link between contributions and benefits. In 2004, the second and third pillars - funded schemes and supplementary pension provisions - were introduced. In principle, all employees in Lithuania are covered by the social security system, but the actual coverage rate is only 83% of the workforce. To receive a full pension, individuals must satisfy 30 years of insured status and the minimum qualifying period is 15 years. Individuals who are unable to reach the minimum qualifying period are eligible for a social assistance pension, which is equal to 90% of the basic pension. 
Scope
This report provides a detailed analysis of employee benefits in Lithuania:
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 Lithuania 
Reason To Buy
 Make strategic decisions using in-depth information related to Lithuanian employee benefits
Assess the Lithuanian employee benefits market, including state and compulsory benefits and private benefits
Gain insights into the key employee benefit schemes offered by private employers in Lithuania
Gain insights into key regulations governing Lithuanian employee benefits, and their impact on companies 
Key Highlights
 The Lithuanian social security system covers a large proportion of the population, and plays a significant role in the country's employee benefits market
The social security system consists of eleven branches 
Both social security and private employee benefits are popular in Lithuania
Private benefits provide access to a range of services that improve employees' quality of life
Private employers in Lithuania only began offering supplementary benefits to employees from 2004, covering just 0.1% of the country's total labor force

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Lithuania
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Age
6.1.4 Pensioble salary
6.1.5 Benefits
6.1.6 Payment option
6.1.7 Employee and employer contributions
6.1.8 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 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 Employee and employer contributions
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 Employee and employer contributions
6.8.6 Taxation
6.9 Unemployment Benefits
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.9.6 Taxation
6.1 Minimum Resources
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
6.10.6 Taxation
6.11 Long-term Care Insurance
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Employee and employer contributions
6.11.5 Taxation
7 Private Benefits
7.1 Common Private Benefits in Lithuania
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$-LTL
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross tiol 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: Lithuania - Country Statistics
Table 3: Lithuania - Overall Social Insurance Contribution Rates
Table 4: Lithuania - Unemployment Insurance Benefit Duration of Payment
Table 5: Lithuania - Reduction in Social Benefits