Employee Benefits in Zambia

Published: Nov, 2014 | Pages: 42 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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

 An overview of state and compulsory benefits in Zambia

 Detailed information about private benefits in Zambia

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

 The regulatory framework for Zambian employee benefits

Summary
The Zambian social security system is based on the social insurance model and provides protection against income loss due to retirement, disability and death. All employed individuals in the formal sector are required to contribute to statutory pension scheme. Individuals not covered by the scheme can contribute voluntarily. The combined asset size of the statutory pension scheme was estimated to be ZMW6.0 billion (US$1.0 billion) in 2012, while the voluntary pension's combined asset-size was ZMW3.2 billion (US$549.0 million). However, the insurance industry's growth was recently affected by bottlenecks such as its legal framework, fiscal regime and investment climate, which are expected to be addressed by the Pensions and Insurance Authority in 2015.
Scope
This report provides a detailed analysis of employee benefits in Zambia:

 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, and annual vacations

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

 Assess the Zambia'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 Zambia

 Gain insights into key organizations governing Zambia's employee benefits, and their impact on companies
Key Highlights
 The Zambian social security system is based on the social insurance model and provides protection against income loss due to retirement, disability and death.

 All employed individuals in the formal sector are required to contribute to statutory pension 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 Zambia.

 Incentive pay, travel insurance, transport, relocation benefits, life insurance benefits and group accidental benefits are examples of 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 Zambia
5 State and Compulsory Benefits
5.1 Retirement Benefits
5.1.1 Introduction
5.1.2 Types of retirement plan
5.1.3 Eligibility
5.1.4 Age
5.1.5 Pensionable salary
5.1.6 Benefits
5.1.7 Payment options
5.1.8 Employee and employer contributions
5.1.9 Taxation
5.2 Death in Service
5.2.1 Introduction
5.2.2 Eligibility
5.2.3 Benefits
5.2.4 Payment options
5.2.5 Employee and employer contributions
5.2.6 Taxation
5.3 Long-term Disability Benefits
5.3.1 Introduction
5.3.2 Eligibility
5.3.3 Benefits
5.3.4 Payment options
5.3.5 Employee and employer contributions
5.3.6 Taxation
5.4 Short-Term Sickness Benefits
5.4.1 Introduction
5.4.2 Eligibility:
5.4.3 Benefits
5.4.4 Employee and employer contributions
5.5 Medical Benefits
5.5.1 Introduction
5.5.2 Eligibility
5.5.3 Benefits
5.5.4 Employee and employer contributions
5.5.5 Taxation
5.6 Workmen's Compensation
5.6.1 Introduction
5.6.2 Eligibility
5.6.3 Benefits
5.6.4 Payment options
5.6.5 Employee and employer contributions
5.7 Maternity and Paternity Benefits
5.7.1 Introduction
5.7.2 Eligibility
5.7.3 Benefits
5.7.4 Employee and employer contributions
5.8 Annual Vacations
5.8.1 Introduction
6 Private Benefits
6.1 Medical and Health Benefits
6.2 Other Benefits
7 Macroeconomic Indicators
7.1 Economic Performance
7.1.1 GDP at constant prices (US$)
7.1.2 GDP per capita at constant prices (US$)
7.1.3 GDP at current prices (US$)
7.1.4 GDP per capita at current prices (US$)
7.1.5 GDP by key sectors
7.1.6 Inflation rate
7.1.7 Annual average exchange rate US$-ZMW
7.1.8 Unemployment rate
7.1.9 Household Consumption Expenditure
7.2 Demographics
7.2.1 Total population
7.2.2 Labor force
7.2.3 Urban and rural populations
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Definitions 
Table 2: Zambia - Country Statistics, 2014 
Table 3: LASF Member - Annuity 
Table 4: PSPF Member - Children Survivor Benefits, 2014 
Table 5: PSPF Member - Children Survivor Benefits When Member Leaves No Spouse, 2014