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Employee Benefits in Finland

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

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.

Table Of Contents

Employee Benefits in Finland
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Finland
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Pensionable salary
6.1.6 Benefits
6.1.7 Payment options
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Taxation
6.4 Short-term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Employee and employer contributions
6.6.5 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Taxation
6.10 Annual Vacations
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Holiday Pay
6.10.4 Holiday compensation
6.11 Unemployment
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment Options
6.11.5 Employee and employer contributions
6.11.6 Taxation
6.12 Long-term Care Benefits
6.12.1 Introduction
6.12.2 Eligibility
6.12.3 Benefits
6.12.4 Payment options
6.12.5 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP split by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-EUR
8.1.8 Unemployment rate
8.1.9 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Urban and rural populations
8.2.3 Labor force
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Finnish Country Statistics
Table 3: Finnish Spouse Pension (EUR), 2014
Table 4: Finnish Statutory Earnings (%), 2014
Table 5: Finnish Spouse Pension, 2014
Table 6: Finnish Orphans Pension, 2014
Table 7: Finnish Disability Allowance
Table 8: Finnish Care Allowance
Table 9: Finnish Child Disability Allowance
Table 10: Finnish Sickness Allowance (EUR), 2014
Table 11: Finnish Maternity Allowance (EUR), 2014
Table 12: Finnish Paternity and Parental Allowance (EUR), 2014
Table 13: Finnish Payment Options (EUR), 2014
Table 14: Finnish Forms of Pensioners Care Allowances (EUR), 2014

List of Figures
Figure 1: Finnish Social Security System, 2014
Figure 2: Finnish GDP at Constant Prices (US$ Billion), 2009-2013
Figure 3: Finnish GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 4: Finnish GDP at Current Prices (US$ Billion), 2009-2013
Figure 5: Finnish GDP Per Capita at Current Prices (US$), 2009-2013
Figure 6: Finnish GDP by Key Segments (%), 2008-2012
Figure 7: Finnish Inflation Rate (%), 2009-2013
Figure 8: Finnish Annual Average Exchange Rate US$-EUR, 2009-2013
Figure 9: Finnish Unemployment Rate (%), 2009-2013
Figure 10: Finnish Gross National Disposable Income (US$ Billion), 2008-2012
Figure 11: Finnish Total Population (Million), 2009-2013
Figure 12: Finnish Urban and Rural Population (%), 2009-2013
Figure 13: Finnish Size of Labor Force (Million), 2008-2012

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