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Employee Benefits in Finland

  • March 2015
  • -
  • Timetric
  • -
  • 66 pages

Summary

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

Summary
Finland has one of the most developed and well-established welfare systems in the Nordic region. In order to facilitate its citizens with decent living conditions, the Finnish government provides various welfare schemes, including social insurance for sickness, pension and unemployment, workers' compensation and a comprehensive health scheme. In addition, the government provides other welfare schemes such as child-care services, family aid and disabled services.

The Finnish social security system is broadly divided into two categories: the residence-based system and the earning-related system. The residence-based social security system is financed by revenue from various general taxes including earned income tax, property tax and corporate tax and is governed by the independent Social Security Institute, known as Kela (Kansaneläkelaitos). In contrast, the earning-related social security system is financed through contributions made by the private pension fund and private insurance companies, and is governed by the Finnish Centre for Pensions.

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

- 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, maternity and paternity benefits, family benefits, minimum resources, annual vacations, long-term care benefits unemployment benefits and private benefits

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

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

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

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

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

Key Highlights
- Finnish state and compulsory benefits are predominantly dominated by the country’s social security system, which provides various welfare schemes for its citizens, including social insurance, health schemes and earning-related social security schemes.

- These are available to native Finns and foreigners that have resided in the country for at least three years. Both Finns and foreign nationals can receive equal social insurance benefits provided by the government and employers.

- Aside from the benefits provided by national pension insurance and earning-related pension schemes, employees in private companies are also provided with benefits such as retirement, disability, medical health and death benefits.

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