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Employee Benefits in Belgium

  • March 2015
  • -
  • Timetric
  • -
  • 59 pages

Summary

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

Summary
The Belgian social security system covers a large proportion of the population, and plays a significant role in the country’s employee benefits market. However, the recent debt crisis in European Union (EU) member states had an adverse impact on the employee benefits market. The Belgian government has had to tackle economic imbalances and rising unemployment over the past few years, and the private benefits market has been affected by the sovereign debt crisis. Both the state and private benefits markets in Belgium are undergoing transformation, and are expected to improve in the coming years.

Scope
This report provides a detailed analysis of employee benefits in Belgium:

- 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, short-term sickness benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, long-term care benefits, minimum resources, annual vacations, unemployment benefits and private benefits

- It highlights the economic and regulatory situations relating to employee benefits in Belgium

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Belgium.

- Assess Belgium employee benefits market, including state and compulsory benefits and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in Belgium.

- Gain insights into key organizations governing Belgium employee benefits, and their impact on companies.

Key Highlights
- The Belgian social security system for employed persons is broadly classified into three categories: salaried persons, self-employed persons, and civil servants of the Belgian federal government

- The general principle applied for employers and employees to contribute to the various branches of the social security system is called as global management. Basic total contribution is 37.84%, of which the employer contributes 24.77% and 13.07% comes from employee.

- As benefits promote a work-life balance and recognize efforts of employees, companies often use additional benefits to motivate employees and to improve their performance. In Belgium, defined benefit (DB) plans are prominent, but defined contribution (DC) schemes are gaining importance gradually.

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