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Employee Benefits in Luxembourg

  • March 2015
  • -
  • Timetric
  • -
  • 63 pages

Summary

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

Summary
Luxembourg has a comprehensive social security system. It is based on principles of solidarity that guarantee generous pension benefits and widespread access to extensive health and long-term care services. A uniform social security status was introduced for all private sector employees in 2009, which led to structural changes in the social security system, the establishment of equal rights for all employees and the harmonization of contributions and benefits under the social security system. The flexible pension system, which rewards deferred retirement, motivates employees to work longer, while the well-developed care systems and labor market policies encourage the recruitment of older workers. The increase in the aging workforce is a major concern for the country, as it may adversely affect the sustainability of the welfare system and the maintenance of the pension system. Therefore, continuous and sustainable economic and employment growth is necessary for the viable development of the social security system.

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

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

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

Reasons To Buy
- Make strategic business decisions using in-depth information related to Luxembourg employee benefits

- Assess Luxembourg employee benefits market including state and compulsory benefits and private benefits

- Gain insights into the key employee benefits schemes offered by the private employers in Luxembourg

- Gain insights into key regulations governing Luxembourg employee benefits and its impact on companies

Key Highlights
- Social security benefits are funded through contributions made by the employer and employee. The contribution amounts to a percentage of the employee’s earnings.

- In Luxembourg, it is the responsibility of the employer to perform all the formalities required for employees’ enrolment into social security schemes. These formalities must be completed by the employer within eight days of an employee joining the firm.

- The provision of private employee benefits is at the employer’s discretion. Mobile phones, car and fuel allowance, crèche facilities, personalized membership cards, employee stock option plans and luncheon vouchers are some of the benefits offered by employers.

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