Employee Benefits in Russia 2021

Employee Benefits in Russia 2021

Summary

Russia underwent major economic and political change following the collapse of the Soviet Union in 1991. During this two-decade transition period, several changes were made to the country’s social security system, including the development of private employee benefit plans, the establishment of a three-tier pension system, and the setting up of cost-of-living compensation

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

Key Highlights

• In Russia, state and compulsory benefits such as retirement, death in service, long-term disability, short-term sickness, medical, maternity and paternity, family allowance, long-term care, and unemployment are supervised by the Ministry of Labor and Social Protection and the Ministry of Healthcare.
• The Pension Fund of the Russian Federation is responsible for controlling, supervising, and establishing payments of pensions (old-age pension, disability, and survivor’s pension), payments of social benefits (maternity and family benefits), execution of international agreements, executing of state co-financing programs and other similar functions
• The Medical Insurance Fund is responsible for providing medical, short-term sickness, and maternity benefits. It is supervised by the Ministry of Health
• In Russia, employers provide voluntary pension benefits to employees by taking voluntary pension insurance from insurance companies or participating in a pension fund or forming their funds

Scope

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

• 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 Russia

Reasons to Buy

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