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Employee Benefits in Peru

  • February 2015
  • -
  • Timetric
  • -
  • 46 pages

Summary

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Synopsis
The social security system in Peru is still undergoing significant change, with low social security contributions due to the informal nature of the labor market as most of the workers are self-employed and lack of information and valuation within the system. In the early 1990s, during the country’s financial crisis and the near-collapse of the Sistema Nacional de Pensions (state-run pension system or SNP), the social security system introduced the Sistema Privado de Pensions (private pension system, or SPP) to offer benefits in the event of old age, disability and death.

The SPP is administered by private entities – Administradora de Fondo de Pensions (pension fund administrators, or AFP). The SNP functions as a defined-benefit (DB) system and the SPP functions as a defined contribution (DC) system. The participation of private health contractors was promoted through a complementary scheme, under the supervision of the then Superintendent of Health Service Company (SEPS). The Comprehensive Health Insurance (SIS) was introduced in 2002 to provide universal cover for essential health services and income security to nationals. Peru enacted the Law of Universal Health Insurance in 2009. Later, the Ministry of Development and Social Inclusion (Ministerio del Desarrollo e inclusion Social, MIDIS) was created by Act No. 29792 on October 20, 2011. Private employee benefits are also slowly gaining popularity in the country.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Peru, including:

- An overview of state and compulsory benefits in Peru

- Detailed information about private benefits in Peru

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

- The regulatory framework of employee benefits in Peru

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

- 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 and private benefits

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

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

- Assess Peru’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 Peru

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

Key Highlights
- Peru’s social security system underwent major changes in 1990. An Individual Capitalization Funding System was introduced by the Private Pension System (Sistema Privado de Pensions – SPP) for the provision of old-age, disability or death benefits.

- The main challenges for the Peru's social security system are the aging population, improvement in coordination and integration of contributory and non-contributory schemes, an increase in social security cover, and the institutionalization of contributory unemployment insurance.

- In Peru, many private companies provide a range of compensations and benefits to employees, including private pensions, medical cover, life and disability cover.

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