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Puerto Rico Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefi

Publisher GlobalData
Published May 26, 2022
Length 49 Pages
SKU # GBDT17423967

Description

Puerto Rico Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update

Summary

In 1952, Puerto Rico was granted the status of Commonwealth of United States after its constitution was ratified by the electorate. The Employees Retirement System (ERS) and Teachers Retirement System (TRS) are the major governing bodies of social security. The existing retirement system was introduced in 1951 as a defined benefit plan, but over the years evolved into a hybrid plan. The systems now provide coverage for retirement, disability and death.

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

Key Highlights
  • The ERS and TRS 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 Puerto Rico, employers provide voluntary retirement benefits to their employees through qualified pension, stock bonus and profit sharing plans.
Scope

This report provides a detailed analysis of employee benefits in Puerto Rico -
  • 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 Puerto Rico
Reasons to Buy
  • 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

49 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 Puerto Rico
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
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 and Dismemberment Benefits
7.6 Other Benefits
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List of Tables
Table 1: Puerto Rico - Retirement Plan Limits 2022
Table 2: Insurance Industry Definitions
Table 3: Puerto Rico - Country Statistics, 2020
Table 4: Puerto Rico - Retirement Plan Limits 2022
Table 5: Puerto Rico - OASDI-Retirement Age
Table 6: Puerto Rico - ERS-Retirement Age
Table 7: Puerto Rico - Pensionable Salary Limits, 2021 and 2022
Table 8: Puerto Rico - Long-Term Disability Dismemberment Benefits
Table 9: Puerto Rico - Monthly Income levels for Medicaid
Table 10: Puerto Rico - Income Eligibility Guidelines
Table 11: Puerto Rico - Annual Household Income Limits for NAP, 2022
Table 12: Puerto Rico - Annual Household Income Limits for CHIP, 2022
Table 13: Puerto Rico - Severance Pay
Table 14: Puerto Rico - List of Cancelled Holidays
Table 15: Puerto Rico - Compulsory Holidays in Puerto Rico, 2022

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