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Employee Benefits in Denmark

  • October 2014
  • -
  • Timetric
  • -
  • 64 pages

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



Summary
Denmark is one of the few countries in the world that adjusted well to the challenge of providing an established social security system and a flexible labor market for its citizens. It was one of the first countries to adopt a multi-pillar pension system, comprising a flat-rate residence-based national pension and private occupational pensions based on collective agreements. The first pillar is the state and compulsory pillar, providing universal cover. It consists of two tiers – the first is a residence-based Folkepension (national or social pension), while the second consists of a number of fully funded supplementary schemes. The second pillar is a quasi-mandatory scheme, which includes privately managed fully funded occupational schemes, and the third pillar consists of voluntary, supplementary pension schemes which are managed by banks or insurance companies. Most branches of the Danish social security system are compulsory, except unemployment insurance, and are financed by taxation.

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

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

Key Highlights
- Danish social security follows a societal model, in which the state takes primary responsibility for the welfare of its citizens
- It covers benefits such as hospitalization, sickness and maternity benefits; benefits regarding accidents at work and occupational diseases; funeral expenses; disability pension; old-age and supplementary pensions; family benefits; and unemployment benefits
- The Danish private occupational pension schemes cover more or less all employees, and pay benefits for retirement, death, disability, illness and health insurance

Table Of Contents

Employee Benefits in Denmark
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 Denmark
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 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
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 Typical employer practice
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 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 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 Typical employer practice
6.5.5 Employee and employer contributions
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 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 Retirement Benefits
7.2 Long-term Disability Benefits
7.3 Death in Service
7.4 Medical 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 by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-DKK
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: Denmark - Country Statistics
Table 3: Danish Medical Benefits - Cost of Medicines Covered by the Insured
Table 4: Danish Child Benefits - Duration of Residency and Percentage of Benefit Paid
Table 5: Danish Quarterly Child Benefits

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

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