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Employee Benefits in Spain

  • September 2014
  • -
  • Timetric
  • -
  • 62 pages

Synopsis
The report provides in-depth industry analysis, information and insights into employee benefits in Spain, including:
- An overview of state and compulsory benefits in Spain
- Detailed information about private benefits in Spain
- 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 Spanish employee benefits

Summary
The Spanish social security system covers the country’s entire population, including foreigners who work in the country. It also protects those of Spanish origin, as well as their dependents who reside in foreign countries. The main objective of this system is to formulate a single and integrated model of social protection, in order to guarantee adequate social assistance and a source of funds for various benefits, with contributions from insured individuals, employers and the state. However, the recent sovereign debt crisis in Europe has adversely impacted the Spanish social security system. The recession in property dealings in 2008 affected Spain’s property and housing sector, and thus raised the level of unemployment. As a result of this, the payment of unemployment benefits has increased, raising government expenditure, and forcing the state to impose high taxes and charge for all free medical and healthcare services. Furthermore, the country’s private employee benefits sector was also adversely affected by the crisis.

Scope
This report provides a detailed analysis of employee benefits in Spain:
- 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, long-term care benefits, unemployment and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Spain

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

Key Highlights
- The Spanish 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
- Private benefit plans are provided by companies as a supplement to statutory benefits

Table Of Contents

Employee Benefits in Spain
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 Spain
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
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 Employee and employer contributions
6.4.5 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 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 Guaranteed 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 Benefits
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 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 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
8.1.2 GDP per capita at constant prices
8.1.3 GDP at current prices
8.1.4 GDP per capita at current prices
8.1.5 GDP 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 Labor force
8.2.2 Total population
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: Spain - Country Statistics
Table 3: Spanish Retirement Benefit - Progression of Retirement Age with Period of Contribution, 2013?2027
Table 4: Spanish Early Retirement Benefit - Scale of Pension Reduction Annually (In Case of Involuntary Retirement)
Table 5: Spanish Retirement Benefit - Increase in Rate of Pension Based on Number of Years of Contribution After Normal Retirement Age
Table 6: Spanish Retirement Benefit - Amount of Minimum Pension Paid for Various Beneficiaries Based on Their Age
Table 7: Spanish Long-term Disability Benefits - Amount of Minimum Pension Paid for Different Types of Invalidity
Table 8: Spanish Family Benefits - Amount of Benefit for Multiple Birth
Table 9: Spanish Total Unemployment Benefits - Rates of Benefits Provided in Various Forms Assistance

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

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