Employee Benefits in Luxembourg, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
Description
Employee Benefits in Luxembourg, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
Summary
Luxembourg has a comprehensive social security system. It is based on principles of solidarity that guarantee generous pension benefits and widespread access to extensive health and long-term care services. A uniform social security status was introduced for all private-sector employees in 2009, which led to structural changes in the social security system, the establishment of equal rights for all employees, and the harmonization of contributions and benefits under the social security system. The flexible pension system, which rewards deferred retirement, motivates employees to work longer, while the well-developed care systems and labor market policies encourage the recruitment of older workers. The increase in the aging workforce is a major concern for the country, as it may adversely affect the sustainability of the welfare system and the maintenance of the pension system. Therefore, continuous, and sustainable economic and employment growth is necessary for the viable development of the social security system.
The report provides in-depth industry analysis, information, and insights of the employee benefits in Luxembourg, including an overview of the state and compulsory benefits in Luxembourg, detailed information about the private benefits in Luxembourg, 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 Luxembourg.
Key Highlights
This report provides a detailed analysis of employee benefits in Luxembourg -
Summary
Luxembourg has a comprehensive social security system. It is based on principles of solidarity that guarantee generous pension benefits and widespread access to extensive health and long-term care services. A uniform social security status was introduced for all private-sector employees in 2009, which led to structural changes in the social security system, the establishment of equal rights for all employees, and the harmonization of contributions and benefits under the social security system. The flexible pension system, which rewards deferred retirement, motivates employees to work longer, while the well-developed care systems and labor market policies encourage the recruitment of older workers. The increase in the aging workforce is a major concern for the country, as it may adversely affect the sustainability of the welfare system and the maintenance of the pension system. Therefore, continuous, and sustainable economic and employment growth is necessary for the viable development of the social security system.
The report provides in-depth industry analysis, information, and insights of the employee benefits in Luxembourg, including an overview of the state and compulsory benefits in Luxembourg, detailed information about the private benefits in Luxembourg, 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 Luxembourg.
Key Highlights
- The Ministry of Social Security, the National Health Fund and National Fund for Family Allowances organizations are responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In Luxembourg, employers provide voluntary retirement benefits to their employees through occupational pension schemes, ASSEPS, ASBLs, and SEPCAVs.
This report provides a detailed analysis of employee benefits in Luxembourg -
- 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, leaves and holidays and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Luxembourg
- Make strategic decisions using in-depth information related to employee benefits in the country
- Assess employee benefits of the market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in the country
- Gain insights into key organizations governing employee benefits market, and their impact on companies
Table of Contents
51 Pages
- 1. Executive Summary
- 2. Introduction
- 2.1 What is this Report about?
- 2.2 Definitions
- 3. Country Statistics
- 4. Overview of Employee Benefits in Luxembourg
- 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
- Family Benefits
- Unemployment benefits
- Long - term care Benefits
- Minimum Resources Benefits
- Leaves and Holidays
- 7. Private Benefits
- 7.1 Retirement Benefits
- 7.2 Death Benefits
- 7.3 Disability Benefits
- 7.4 Medical Benefits
- 7.5 Accidental Death and Dismemberment Benefits
- 7.6 Other Benefits
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Luxembourg - Social Minimum Wage 2022
- Table 2: Insurance Industry Definitions
- Table 3: Luxembourg - Country Statistics, 2020
- Table 4: Luxembourg - Social Minimum Wage 2022
- Table 5: Luxembourg - Contribution by Employer and Employee
- Table 6: Luxembourg - Reversion factors for the various pension components
- Table 7: Luxembourg - Monthly amount for an unemployed couple
- Table 8: Luxembourg - Public Holidays 2022
- List of Figures
- Figure 1: Luxembourg - Main Institutions of Social Security System
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