Employee Benefits in Germany 2021

Employee Benefits in Germany 2021

Summary

Germany has a well-developed social security system. Both companies and employees equally contribute to social security schemes. Employees must primarily contribute to nine statutory social security organizations: the statutory health insurance fund, the statutory long-term care insurance fund, the statutory short-term sickness fund, the statutory long-term disability fund, the statutory pension insurance fund, statutory accident insurance, statutory maternity, and paternity fund, statutory family benefits, and the statutory unemployment insurance fund. Employers deduct tax and social security contributions from the gross wages of employees and directly transfer them to the tax office. For all the components of social security, there is a common fund. However, employees have the option to individually choose a health insurance provider. The increasing share of elderly people in the population coupled with a relatively low birth rate has forced the government to adopt several reforms to ensure a better social welfare system for future generations.

The report provides in-depth industry analysis, information and insights of the employee benefits in Germany, including: overview of the state and compulsory benefits in Germany, detailed information about the private benefits in Germany, 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 Germany.

Key Highlights

• The German Labor Law is mostly Federal Law and is spread across several acts. It regulates the association between employees and employers
• Continued Payment Act: In cases where an employee is sick, there is a legal right for an employee to receive a payment of 80% for a period of six weeks
• Acts relating to occupational training: Occupational Training Act; Act on Part-Time and Fixed. sActs on health and safety in occupation: Maternity Protection Act, Working Time Act, Young Workers Protection Act and Act on the Payment of Child Raising Benefit and Child Raising Leave
• In addition to the mandatory contributions to the statutory pension scheme, most employers in Germany contribute to supplementary Occupation Pension plans

Scope

This report provides a detailed analysis of employee benefits in Germany -

• 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, leave and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Germany

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in Germany.
• Assess Germany'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 Germany.
• Gain insights into key organizations governing Germany's employee benefits, and their impact on companies.