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Employee Benefits in Puerto Rico

  • February 2015
  • -
  • Timetric
  • -
  • 53 pages

Synopsis
In 1952, Puerto Rico was granted the status of Commonwealth of United States after its constitution was ratified by the electorate. The Employees Retirement System (ERS) and Teachers Retirement System (TRS) are the major governing bodies of social security. The existing retirement system was introduced in 1951 as a defined benefit plan, but over the years evolved into a hybrid plan. The systems now provide coverage for retirement, disability and death.

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

- An overview of the state and compulsory benefits in Puerto Rico

- Detailed information about private benefits in Puerto Rico

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

- The regulatory framework of employee benefits in Puerto Rico

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

- 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 benefits, family benefits, annual vacation, unemployment and private benefits

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

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

- Assess Puerto Rico’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 Puerto Rico

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

Key Highlights
- The Employees Retirement System (ERS) and Teachers Retirement System (TRS) are the major governing bodies of social security. The ERS is a trust created by the Puerto Rican government, as part of Act No. 447 of May 15, 1991. ERS provides pension and other benefits to retired persons. In its early stages, the system did not take long-term recourses into consideration.

- The Teachers Retirement Act, which was established by Act 91 on March 29, 2004, provides coverage to all teachers who are enlisted with the Department of Education and hold active licenses.

- Private employee benefits are not mandated by the law but are provided by the employer to increase the employee’s motivation to work. Due to the country’s recent economic slowdown, not many companies are currently solely offering those benefits beyond the mandatory, which are mandated by law.

Table Of Contents

Employee Benefits in Puerto Rico
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 Puerto Rico
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 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 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 Payment options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.4.7 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 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.7 Maternity 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
6.9 Annual Vacations
6.9.1 Introduction
6.9.2 Compulsory leave
6.9.3 Annual leave
6.1 Unemployment
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
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 (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 Unemployment rate
8.1.8 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: Puerto Rico - Country Statistics
Table 3: ERS Pension Eligibility
Table 4: ERS Retirement Age
Table 5: Pensionable Salary Limits, 2014 and 2015
Table 6: Long-Term Disability Benefits - Dismemberment Benefits
Table 7: Medical Benefits - Additional Medicare Tax
Table 8: Income Eligibility Guidelines
Table 9: NAP - Family Income Limits
Table 10: List of Cancelled Holidays
Table 11: Compulsory Holidays of Puerto Rico
Table 12: Medical and Health Benefits - Cobra Cover

List of Figures
Figure 1: Puerto Rican GDP at Constant Prices (US$Billion), 2008-2012
Figure 2: Puerto Rican GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 3: Puerto Rican GDP at Current Prices (US$Billion), 2008-2012
Figure 4: Puerto Rican GDP Per Capita at Current Prices (US$), 2008-2012
Figure 5: Puerto Rican GDP by Key Segments (%), 2008-2012
Figure 6: Puerto Rican Inflation Rate (%), 2007-2013
Figure 7: Puerto Rican Unemployment Rate (%), 2008-2012
Figure 8: Puerto Rican Household Consumption Expenditure (US$Billion), 2007-2011
Figure 9: Puerto Rico's Total Population (Million), 2008-2012
Figure 10: Puerto Rico's Size of Labor Force (Million), 2008-2012
Figure 11: Puerto Rico's Urban and Rural Population (%), 2010-2012

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