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Employee Benefits in Chile

Published: Dec-2014 | Format: PDF | Timetric | Number of pages: 64 | Code: MRS - 2016

The report provides in-depth industry analysis, information and insights into employee benefits in Chile, including:
  • An overview of state and compulsory benefits in Chile
  • Detailed information about private benefits in Chile
  • Insights into various central institutions responsible for the administration of the different branches of social security
  • The regulatory framework and recent regulations relating to Chilean employee benefits
Executive summary
Chile was one of the first countries in the Americas to set up state-sponsored social security cover. The country’s pension system consists of multiple pillars: a non-contributory first pillar, a fully funded second pillar and a voluntary third pillar. In 1981, a new privatized system was introduced to carry out social security schemes. These programs are administered by private sector insurance companies called pension fund managers and the state is in charge of the regulations. Under this new system, formal employees are mandated to contribute to the personal account which is managed by a pension fund manager.
This report provides a detailed analysis of employee benefits in Chile:
  • 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, leave and holidays, termination indemnities and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in Chile
Reasons to buy
  • Make strategic decisions using in-depth information related to Chilean employee benefits
  • Assess the Chilean employee benefits market, including state and compulsory benefits and private benefits
  • Gain insights into the key employee benefit schemes offered by private employers in Chile
  • Gain insights into key regulations governing Chilean employee benefits, and their impact on companies
Key highlights
  • Chile has a comprehensive social security system that protects citizens from illness, disability, old age, unemployment and poverty.
  • The voluntary savings plan can be either in the form of an individual selected plan or employer-sponsored plans Ahorro Previsional Voluntario Colectivo (Collective Voluntary Savings Plan − APVC) introduced in 2008.
  • Employer-sponsored pension plans are not commonly offered in the Chilean employee benefits market, however as more multinational companies enter the market there has been a sudden increase in interest among employers.
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 Chile
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Age
6.1.4 Benefits
6.1.5 Payment options
6.1.6 Typical employer practice
6.1.7 Employee and employer contributions
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
6.3 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
6.4 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
6.5 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
6.7 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
6.8 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
6.9 Unemployment
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.10 Leave and Holidays
6.10.1 Annual Leave
6.10.2 Public holidays
6.10.3 Weekly rest days
6.11 Termination Indemnities
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical Benefits
7.6 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$–CLP
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 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: Chile – Country Statistics
Table 3: Chile Retirement Benefits – Monthly Minimum Pension
Table 4: Chile Retirement Benefits – Contributions by Insured Individuals
Table 5: Chile Retirement Benefits – Contributions by Self-employed Individuals
Table 6: Chile Retirement Benefits – Contributions by Employers
Table 7: Chile Retirement Benefit – Contributions by the Government
Table 8: Chile Death in Service Benefits – Minimum Amount Paid as Spouse Pension
Table 9: Chile Short-term Sickness Benefits – Public System Contributions Rates
Table 10: Chile Short-term Sickness Benefits – Private System Contributions Rates
Table 11: Chile Workmen’s Compensation – Minimum Spouse Pension
Table 12: Chile Workmen’s Compensation – Payment Options
Table 13: Chile Workmen’s Compensation – Contributions Rates
Table 14: Chile Family Benefits – Monthly Allowance to Dependents
Table 15: Chile Unemployment Benefits – Monthly Amount Paid Under Employment-related System
Table 16: Chile Unemployment Benefits – Monthly Amount Paid Under Individual Severance Account
Table 17: Chile Unemployment Benefits – Individual Severance Account System Contributions Rates
Table 18: Chile – Public Holidays


List of Figures


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

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