Employee Benefits in the Dominican Republic

Published: Nov, 2014 | Pages: 52 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights into employee benefits in the Dominican Republic, including:

 An overview of state and compulsory benefits in the Dominican Republic

 Detailed information about private benefits in the Dominican Republic

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

 The regulatory framework for employee benefits in the Dominican Republic

Summary
The Dominican Republic has a comprehensive social security system. There are three schemes under which social security benefits are granted to the country's residents and citizens: a contributory scheme that covers employees, a contributory subsidized scheme for self-employed individuals and technicians that is yet to be implemented, and a fully subsidized scheme that covers unemployed and severely disabled persons who do not have a stable income and earn below the minimum wage. The 2003 economic crisis forced the government to reduce public social spending, discontinue several programs and focus on the social protection of the country's poorest residents through the introduction of the solidarity card and programs like the eating first incentive program, attendance incentive and incentive for higher education
Scope
This report provides a detailed analysis of employee benefits in the Dominican Republic:

 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, medical benefits, workmen's compensation, maternity and paternity benefits, solidarity benefits, leave and holidays, and overtime compensation

 It highlights the economic and regulatory situations relating to employee benefits in the Dominican Republic
Reason To Buy
 Make strategic decisions using in-depth information related to employee benefits in Dominican Republic

 Assess the Dominican Republic'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 Dominican Republic

 Gain insights into key organizations governing Dominican Republic's employee benefits, and their impact on companies
Key Highlights
 The Dominican Republic has a comprehensive social security system.

 There are three schemes under which social security benefits are granted to the country's residents and citizens: a contributory scheme, a contributory subsidized scheme and fully subsidized scheme.

 Retirement benefits, death benefits, disability benefits, short-term sickness benefits, maternity benefits and workmen's compensation benefits form a part of state and compulsory benefits in the Dominican Republic.

 personal development and training activities, car allowance, share option plan, health and safety programs, family benefits, housing allowance, dental insurance, sales incentive and childcare benefits are some of the private 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 the Dominican Republic
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 Pensionable 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 Employee and employer contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.5.5 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
6.6.6 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 Solidarity Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment option
6.8.5 Employee and employer contribution
6.8.6 Taxation
6.9 Leaves and Holidays
6.9.1 Annual vacation
6.9.2 Paid leave
6.9.3 Public holidays
6.9.4 Seasonal holidays
6.1 Overtime Compensation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical 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 by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-DOP
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
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: The Dominican Republic - Country Statistics
Table 3: Contribution - Workmen's Compensation
Table 4: The Dominican Republic - Public Holidays