Employee Benefits in Spain

Published: Sep, 2014 | Pages: 62 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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

Summary
The Spanish social security system covers the country's entire population, including foreigners who work in the country. It also protects those of Spanish origin, as well as their dependents who reside in foreign countries. The main objective of this system is to formulate a single and integrated model of social protection, in order to guarantee adequate social assistance and a source of funds for various benefits, with contributions from insured individuals, employers and the state. However, the recent sovereign debt crisis in Europe has adversely impacted the Spanish social security system. The recession in property dealings in 2008 affected Spain's property and housing sector, and thus raised the level of unemployment. As a result of this, the payment of unemployment benefits has increased, raising government expenditure, and forcing the state to impose high taxes and charge for all free medical and healthcare services. Furthermore, the country's private employee benefits sector was also adversely affected by the crisis. 
Scope
This report provides a detailed analysis of employee benefits in Spain:
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, long-term care benefits, unemployment and private benefits
It highlights the economic and regulatory situations relating to employee benefits in Spain 
Reason To Buy
 Make strategic decisions using in-depth information related to Spanish employee benefits
Assess the Spanish employee benefits market, including state and compulsory benefits and private benefits
Gain insights into the key employee benefit schemes offered by private employers in Spain
Gain insights into key regulations governing Spanish employee benefits, and their impact on companies 
Key Highlights
 The Spanish 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 
Private benefit plans are provided by companies as a supplement to statutory 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 Spain
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 Benefits
6.1.6 Payment options
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 Employee and employer contributions
6.4.5 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 Taxation
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
6.6.6 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 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 Guaranteed Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Taxation
6.1 Long-term Care Benefits
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 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
8.1.2 GDP per capita at constant prices
8.1.3 GDP at current prices
8.1.4 GDP per capita at current prices
8.1.5 GDP 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 Labor force
8.2.2 Total population
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: Spain - Country Statistics
Table 3: Spanish Retirement Benefit - Progression of Retirement Age with Period of Contribution, 2013?2027
Table 4: Spanish Early Retirement Benefit - Scale of Pension Reduction Annually (In Case of Involuntary Retirement)
Table 5: Spanish Retirement Benefit - Increase in Rate of Pension Based on Number of Years of Contribution After Normal Retirement Age
Table 6: Spanish Retirement Benefit - Amount of Minimum Pension Paid for Various Beneficiaries Based on Their Age
Table 7: Spanish Long-term Disability Benefits - Amount of Minimum Pension Paid for Different Types of Invalidity
Table 8: Spanish Family Benefits - Amount of Benefit for Multiple Birth
Table 9: Spanish Total Unemployment Benefits - Rates of Benefits Provided in Various Forms Assistance