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Employee Benefits in the Dominican Republic

  • November 2014
  • -
  • Timetric
  • -
  • 52 pages

Synopsis
The report provides in-depth industry analysis, information and insights into employee benefits in the Dominican Republic, including:

- An overview of state and compulsory benefits in the Dominican Republic

- Detailed information about private benefits in the Dominican Republic

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework for employee benefits in the Dominican Republic

Summary
The Dominican Republic has a comprehensive social security system. There are three schemes under which social security benefits are granted to the country’s residents and citizens: a contributory scheme that covers employees, a contributory subsidized scheme for self-employed individuals and technicians that is yet to be implemented, and a fully subsidized scheme that covers unemployed and severely disabled persons who do not have a stable income and earn below the minimum wage. The 2003 economic crisis forced the government to reduce public social spending, discontinue several programs and focus on the social protection of the country’s poorest residents through the introduction of the solidarity card and programs like the eating first incentive program, attendance incentive and incentive for higher education

Scope
This report provides a detailed analysis of employee benefits in the Dominican Republic:

- 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, solidarity benefits, leave and holidays, and overtime compensation

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

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Dominican Republic

- Assess the Dominican Republic’s employee benefits market, including state and compulsory benefits and private benefits

- Gain insights into the key employee benefit schemes offered by private employers in Dominican Republic

- Gain insights into key organizations governing Dominican Republic’s employee benefits, and their impact on companies

Key Highlights
- The Dominican Republic has a comprehensive social security system.

- There are three schemes under which social security benefits are granted to the country’s residents and citizens: a contributory scheme, a contributory subsidized scheme and fully subsidized scheme.

- Retirement benefits, death benefits, disability benefits, short-term sickness benefits, maternity benefits and workmen’s compensation benefits form a part of state and compulsory benefits in the Dominican Republic.

- personal development and training activities, car allowance, share option plan, health and safety programs, family benefits, housing allowance, dental insurance, sales incentive and childcare benefits are some of the private benefits.

Table Of Contents

Employee Benefits in the Dominican Republic
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 the Dominican Republic
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 Pensionable salary
6.1.6 Benefits
6.1.7 Payment options
6.1.8 Typical employer practice
6.1.9 Employee and employer contributions
6.1.10 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 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 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
6.5 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 Solidarity Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment option
6.8.5 Employee and employer contribution
6.8.6 Taxation
6.9 Leaves and Holidays
6.9.1 Annual vacation
6.9.2 Paid leave
6.9.3 Public holidays
6.9.4 Seasonal holidays
6.1 Overtime Compensation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
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 sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-DOP
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural population
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: The Dominican Republic - Country Statistics
Table 3: Contribution - Workmen's Compensation
Table 4: The Dominican Republic - Public Holidays

List of Figures
Figure 1: Major Institutions of the Dominican Social Security System
Figure 2: The Dominican Republic GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: The Dominican Republic GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: The Dominican Republic GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: The Dominican Republic GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: The Dominican Republic GDP by Key Sectors (%), 2008-2012
Figure 7: The Dominican Republic Inflation Rate (%), 2008-2012
Figure 8: The Dominican Republic Annual Average Exchange Rate US$-DOP, 2008-2012
Figure 9: The Dominican Republic Unemployment Rate (%), 2008-2012
Figure 10: The Dominican Republic Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 11: The Dominican Republic Total Population (Million), 2008-2012
Figure 12: The Dominican Republic Size of Labor Force (Million), 2008-2012
Figure 13: The Dominican Republic Urban and Rural Population (%), 2008-2012

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