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Employee Benefits in Latvia

  • September 2014
  • -
  • Timetric
  • -
  • 61 pages

The report provides in-depth industry analysis, information and insights of the employee benefits in Latvia, including:
- An overview of the state and compulsory benefits in Latvia
- Detailed information about the private benefits in Latvia
- Insights into various central institutions responsible for the administration of the different branches of social security
- The regulatory framework and recent regulations of the Latvian employee benefits

The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system. The state social insurance system covers legislation on social insurance, maternity and sickness insurance, state pensions, mandatory social insurance against accidents, and insurance against unemployment. Social assistance and the social service system are regulated by the Law on State Social Benefits and Law on Social Services and Social Assistance. The Latvian pension system is divided into three pillars: the first is a notional defined-contribution (DC) system which works on pay-as-you-go (PAYG) basis, the second is a funded mandatory pillar, and the third is a voluntary private occupational and individual pension system. Reformation of pensions began in Latvia in 1991, and it was the first Central and Eastern European country to restructure the first pillar of its pension system.

This report provides a detailed analysis of employee benefits in Latvia:
- 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 benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, minimum resources, unemployment and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Latvia

Reasons To Buy
- Make strategic decisions using in-depth information related to Latvian employee benefits
- Assess the Latvian employee benefits market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in Latvia
- Gain insights into key regulations governing Latvian employee benefits, and their impact on companies

Key Highlights
- The Latvian social security system covers a large proportion of the population, and plays a significant role in the country’s employee benefits market
- The Latvian social security system is organized by the Ministry of Welfare and consists of 11 branches
- The voluntary private pillar in Latvia started its operations in 1998, and contributions to pension funds are directly made by participants or employers
- Only 5% of Latvian companies offer voluntary occupational schemes

Table Of Contents

Employee Benefits in Latvia
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 Latvia
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Age
6.1.4 Benefits
6.1.5 Payment options
6.1.6 Typical employer practice
6.1.7 Employee and employer contributions
6.1.8 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 Employee and employer contributions
6.2.6 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 Employee and employer contributions
6.3.6 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 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 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 Employee and employer contributions
6.8.6 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Taxation
6.1 Long-term Care Insurance
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Taxation
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
7 Private Benefits
7.1 Retirement Benefits
7.2 Medical Benefits
7.3 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 by key sector
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 Labor force
8.2.3 Urban and rural populations
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: Latvia - Country Statistics
Table 3: Latvian Workmen's Compensation - Permanent Incapacity Monthly Benefits
Table 4: Latvia - Monthly Childcare Allowance
Table 5: Latvia Family Benefits - Supplementary Monthly Child Care Allowance
Table 6: Latvian Unemployment Benefits - Rates of Benefits

List of Figures
Figure 1: Major Organizations of the Latvian Social Security System
Figure 2: Latvian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Latvian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Latvian GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Latvian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Latvian GDP by Key Sector (%), 2008-2012
Figure 7: Latvian Inflation Rate (%), 2007-2013
Figure 8: Latvian Annual Average Exchange Rate US$-EUR, 2008-2012
Figure 9: Latvian Unemployment Rate (%), 2008-2012
Figure 10: Latvian Gross National Disposable Income, (US$ Billion), 2008-2012
Figure 11: Latvian Total Population, (Million), 2008-2012
Figure 12: Latvian Size of Labor Force, (Million), 2008-2012
Figure 13: Latvian Urban and Rural Populations, (%), 2008-2012

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