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Employee Benefits in Colombia

  • January 2015
  • 47 pages
  • Timetric
Report ID: 2625800

Summary

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Synopsis
Colombia has a basic social security system with low coverage and participation. The country’s social insurance system was initially introduced for public sector employee groups only. Private sector employees secured coverage in 1946. Pension benefits were introduced with the creation of the Social Security Institute (ISS) in 1967. However, the ISS faced problems immediately due to low coverage and participation rates. To overcome this problem, the government created a new social security system through Law 100 of 1993. The law introduced a dual public-private competitive pension system – Régimen de Prima Media or average premium scheme (RPM), and the Régimen de Ahorro individual con Solidaridad, or individual savings system with solidarity (RAIS). In 2012, the administration of RPM was transferred from ISS to Colpensiones, a state-owned financial institution supervised by the Ministry of Labor, due to problems with debt and inefficiency. Private sector employees can choose between RPM and RAIS and have the option to change their membership once every five years. For self-employed and unemployed individuals there is a voluntary regime. Armed forces, police and teachers have their own separate systems.

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

- An overview of state and compulsory benefits in Colombia

- Detailed information about private benefits in Colombia

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

- The regulatory framework of employee benefits in Colombia

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

- 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, family benefits, unemployment and private benefits.

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

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

- Assess the Colombian employee benefits market, including state and compulsory benefits, and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in Colombia.

- Gain insights into key organizations governing Colombian employee benefits, and their impact on companies.

Key Highlights
- The general protection system in Colombia consists of a system of social security and welfare. The Colombian social security system offers contributory and non-contributory benefits to vulnerable people in society.

- This social security system includes the general pension system (GPS), the general social security system of health and the general system of occupational risks. The welfare system provides monetary benefits through a social assistance program.

- Private benefit plans in Colombia were offered through universal life insurance savings, which are non-taxable.

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