Employee Benefits in the Dominican Republic 2021

Employee Benefits in the Dominican Republic 2021

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.

The report provides in-depth industry analysis, information, and insights of the employee benefits in the Dominican Republic, including an overview of the state and compulsory benefits in the Dominican Republic, detailed information about the private benefits in the Dominican Republic, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in the Dominican Republic.

Key Highlights

  • The Dominican Republic has a comprehensive social security system
  • Compulsory benefits are provided to employees by their employers and are mandated by law
  • Retirement benefits, death benefits, disability benefits, short-term sickness benefits, maternity benefits, and workmen’s compensation benefits form a part of the state and compulsory benefits in the Dominican Republic
  • Employers also provide medical benefits under group health insurance plans to the employees
  • A few large employers also provide specific group life providing death benefits in terms of US dollars to employees belonging to the executive level
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, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, long-term care benefits, leave and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in the Dominican Republic
  • Reasons to Buy
    • Make strategic decisions using in-depth information related to employee benefits in the 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 the Dominican Republic
    • Gain insights into key organizations governing the Dominican Republic's employee benefits, and their impact on companies


    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
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.2 Death in Service
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.3 Long-Term Disability Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.4 Short-Term Sickness Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.5 Medical Benefits
    Introduction
    Eligibility
    Benefits
    Payment Options
    Contribution
    6.6 Workers’ Compensation insurance
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.7 Maternity and Paternity Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.8 Other Benefits
    Solidarity Benefits
    Overtime Compensation
    Leaves and Holidays
    7. Private Benefits
    7.1 Retirement Benefits
    7.2 Death Benefits
    7.3 Medical Benefits
    7.4 Disability Benefits
    7.5 Accidental and Dismemberment Benefits
    7.6 Other Benefits
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    List of Tables
    Table 1: Insurance Industry Definitions
    Table 2: The Dominican Republic - Country Statistics
    Table 3: The Dominican Republic - Fixed National and Public Holidays, 2021
    List of Figures
    Figure 1: The Dominican Republic - Main Institutions of Social Security System

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