Employee Benefits in Luxembourg

Published: Sep, 2014 | Pages: 63 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights into employee benefits in Luxembourg, including:
An overview of state and compulsory benefits in Luxembourg
Detailed information about private benefits in Luxembourg
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 Luxembourg employee benefits 

Summary
Luxembourg has a comprehensive social security system. It is based on principles of solidarity that guarantee generous pension benefits and widespread access to extensive health and long-term care services. A uniform social security status was introduced for all private sector employees in 2009, which led to structural changes in the social security system, the establishment of equal rights for all employees and the harmonization of contributions and benefits under the social security system. The flexible pension system which rewards deferred retirement, motivates employees to work longer while the well-developed care systems and labor market policies encourage the recruitment of older workers. The increase in the aging workforce is a major concern for the country as it may adversely affect the sustainability of the welfare system and the maintenance of the pension system. Therefore, continuous and sustainable economic and employment growth is necessary for the viable development of the social security system. 
Scope
This report provides a detailed analysis of employee benefits in Luxembourg:
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 Luxembourg 
Reason To Buy
 Make strategic decisions using in-depth information related to Luxembourg employee benefits 
Assess the Luxembourg employee benefits market, including state and compulsory benefits and private benefits
Gain insights into the key employee benefit schemes offered by employers in Luxembourg
Gain insights into key regulations governing Luxembourg employee benefits, and their impact on companies 
Key Highlights
 Luxembourg has a comprehensive social security system. It is based on principles of solidarity that guarantee generous pension benefits and widespread access to extensive health and long-term care services
Retirement, death, disability, sickness, maternity and unemployment benefits are some benefits that form a part of the state and compulsory benefits granted to the people in Luxembourg
Mobile phones, car and fuel allowance, creche facilities for the children of employees, personalized membership cards, employee stock option plans and luncheon vouchers are some of the private benefits offered by employers
In Luxembourg, it is the responsibility of the employer to perform all the formalities required for the enrolment of employees into the social security schemes

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Luxembourg
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
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 Typical employer practice
6.1.9 Employee and employer contributions
6.1.10 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 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 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 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 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 contribution
6.4.7 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 Typical employer practice
6.5.6 Employee and employer contribution
6.6 Workmen's Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 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 contribution
6.8.6 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employer and employee contributions
6.9.6 Taxation
6.1 Long-term Care Insurance
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employer and employee contributions
6.10.6 Taxation
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
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 dollars)
8.1.2 GDP per capita at constant prices (US dollars)
8.1.3 GDP at current prices (US dollars)
8.1.4 GDP per capita at current prices (US dollars)
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 Household consumption expenditure
8.2 Demographics
8.2.1 Labor force
8.2.2 Total population
8.2.3 Urban and rural population
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: Luxembourg - Country Statistics 
Table 3: Luxembourg - Recent Amendments in the Regulations 
Table 4: Luxembourg - Contribution by Employer and Employee 
Table 5: Luxembourg - New School Year Allowance for Children 
Table 6: Luxembourg - Minimum Resources - Cash Benefits (Excluding Child Benefit) 
Table 7: Luxembourg - Minimum Resources - Cash Benefits (Including Child Benefit)