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Employee Benefits in Lithuania

  • September 2014
  • -
  • Timetric
  • -
  • 59 pages

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

Lithuania inherited a Soviet-style pension system with characteristics such as generous early retirement provisions, privileges for certain occupational groups, and a weak link between contributions and benefits. The economic crisis in the 1990s forced the Lithuanian government to undertake pension system reforms in 1995. The reforms were intended to make changes in the State Social Pension Insurance (first pillar), enhance the stability of the system by eliminating the generous early retirement provisions, and create a strong link between contributions and benefits. In 2004, the second and third pillars – funded schemes and supplementary pension provisions – were introduced. In principle, all employees in Lithuania are covered by the social security system, but the actual coverage rate is only 83% of the workforce. To receive a full pension, individuals must satisfy 30 years of insured status and the minimum qualifying period is 15 years. Individuals who are unable to reach the minimum qualifying period are eligible for a social assistance pension, which is equal to 90% of the basic pension.

This report provides a detailed analysis of employee benefits in Lithuania:
- 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 Lithuania

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

Key Highlights
- The Lithuanian social security system covers a large proportion of the population, and plays a significant role in the country’s employee benefits market
- The social security system consists of eleven branches
- Both social security and private employee benefits are popular in Lithuania
- Private benefits provide access to a range of services that improve employees’ quality of life
- Private employers in Lithuania only began offering supplementary benefits to employees from 2004, covering just 0.1% of the country’s total labor force

Table Of Contents

Employee Benefits in Lithuania
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 Lithuania
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 Pensionable salary
6.1.5 Benefits
6.1.6 Payment option
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 Employee and employer contributions
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 Employee and employer contributions
6.8.6 Taxation
6.9 Unemployment Benefits
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.9.6 Taxation
6.1 Minimum Resources
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
6.10.6 Taxation
6.11 Long-term Care Insurance
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Employee and employer contributions
6.11.5 Taxation
7 Private Benefits
7.1 Common Private Benefits in Lithuania
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 sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-LTL
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 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: Lithuania - Country Statistics
Table 3: Lithuania - Overall Social Insurance Contribution Rates
Table 4: Lithuania - Unemployment Insurance Benefit Duration of Payment
Table 5: Lithuania - Reduction in Social Benefits

List of Figures
Figure 1: Major Organizations of the Lithuanian Social Security System
Figure 2: Lithuanian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Lithuanian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Lithuanian GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Lithuanian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Lithuanian GDP by Key Sectors (%), 2008-2012
Figure 7: Lithuanian Inflation Rate (%), 2007-2013
Figure 8: Lithuanian Annual Average Exchange Rate US$-LTL, 2008-2012
Figure 9: Lithuanian Unemployment Rate (%), 2008-2012
Figure 10: Lithuanian Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 11: Lithuanian Gross National Disposable Income (US$ Billion), 2008-2011
Figure 12: Lithuanian Total Population (Million), 2008-2012
Figure 13: Lithuanian Size of Labor Force (Million), 2008-2012
Figure 14: Lithuanian Urban and Rural Populations (%), 2008-2012

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