Employee Benefits in Latvia, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system. The state social insurance system covers legislation on social insurance, maternity and sickness insurance, state pensions, mandatory social insurance against accidents, and insurance against unemployment. Social assistance and the social service system are regulated by the Law on State Social Benefits and Law on Social Services and Social Assistance. The Latvian pension system is divided into three pillars: the first is a notional defined-contribution (DC) system which works on a pay-as-you-go (PAYG) basis, the second is a funded mandatory pillar, and the third is a voluntary private occupational and individual pension system. The reformation of pensions began in Latvia in 1991, and it was the first Central and Eastern European country to restructure the first pillar of its pension system.
The report provides in-depth industry analysis, information, and insights of the employee benefits in Latvia, including an overview of the state and compulsory benefits in Latvia, detailed information about the private benefits in in Latvia, 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 Latvia.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook