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Employee Benefits in Zambia

Published: Dec-2014 | Format: PDF | Timetric | Number of pages: 42 | Code: MRS - 2022

The report provides in-depth industry analysis, information and insights into employee benefits in Zambia, including:
  • An overview of state and compulsory benefits in Zambia
  • Detailed information about private benefits in Zambia
  • Insights into various central institutions responsible for the administration of the different branches of social security
  • The regulatory framework for Zambian employee benefits
Executive summary
The Zambian social security system is based on the social insurance model and provides protection against income loss due to retirement, disability and death. All employed individuals in the formal sector are required to contribute to statutory pension scheme. Individuals not covered by the scheme can contribute voluntarily. The combined asset size of the statutory pension scheme was estimated to be ZMW6.0 billion (US$1.0 billion) in 2012, while the voluntary pension’s combined asset-size was ZMW3.2 billion (US$549.0 million). However, the insurance industry’s growth was recently affected by bottlenecks such as its legal framework, fiscal regime and investment climate, which are expected to be addressed by the Pensions and Insurance Authority in 2015.
This report provides a detailed analysis of employee benefits in Zambia:
  • 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, and annual vacations
  • It highlights the economic situations relating to employee benefits in Zambia
Reasons to buy
  • Make strategic decisions using in-depth information related to employee benefits in Zambia
  • Assess the Zambia’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 Zambia
  • Gain insights into key organizations governing Zambia’s employee benefits, and their impact on companies
Key highlights
  • The Zambian social security system is based on the social insurance model and provides protection against income loss due to retirement, disability and death.
  • All employed individuals in the formal sector are required to contribute to statutory pension 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 Zambia.
  • Incentive pay, travel insurance, transport, relocation benefits, life insurance benefits and group accidental benefits are examples of private benefits.
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 Zambia
5 State and Compulsory Benefits
5.1 Retirement Benefits
5.1.1 Introduction
5.1.2 Types of retirement plan
5.1.3 Eligibility
5.1.4 Age
5.1.5 Pensionable salary
5.1.6 Benefits
5.1.7 Payment options
5.1.8 Employee and employer contributions
5.1.9 Taxation
5.2 Death in Service
5.2.1 Introduction
5.2.2 Eligibility
5.2.3 Benefits
5.2.4 Payment options
5.2.5 Employee and employer contributions
5.2.6 Taxation
5.3 Long-term Disability Benefits
5.3.1 Introduction
5.3.2 Eligibility
5.3.3 Benefits
5.3.4 Payment options
5.3.5 Employee and employer contributions
5.3.6 Taxation
5.4 Short-Term Sickness Benefits
5.4.1 Introduction
5.4.2 Eligibility:
5.4.3 Benefits
5.4.4 Employee and employer contributions
5.5 Medical Benefits
5.5.1 Introduction
5.5.2 Eligibility
5.5.3 Benefits
5.5.4 Employee and employer contributions
5.5.5 Taxation
5.6 Workmen’s Compensation
5.6.1 Introduction
5.6.2 Eligibility
5.6.3 Benefits
5.6.4 Payment options
5.6.5 Employee and employer contributions
5.7 Maternity and Paternity Benefits
5.7.1 Introduction
5.7.2 Eligibility
5.7.3 Benefits
5.7.4 Employee and employer contributions
5.8 Annual Vacations
5.8.1 Introduction
6 Private Benefits
6.1 Medical and Health Benefits
6.2 Other Benefits

7 Macroeconomic Indicators
7.1 Economic Performance
7.1.1 GDP at constant prices (US$)
7.1.2 GDP per capita at constant prices (US$)
7.1.3 GDP at current prices (US$)
7.1.4 GDP per capita at current prices (US$)
7.1.5 GDP by key sectors
7.1.6 Inflation rate
7.1.7 Annual average exchange rate US$–ZMW
7.1.8 Unemployment rate
7.1.9 Household Consumption Expenditure
7.2 Demographics
7.2.1 Total population
7.2.2 Labor force
7.2.3 Urban and rural populations
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer

List of Tables


Table 1: Definitions 
Table 2: Zambia – Country Statistics, 2014 
Table 3: LASF Member – Annuity 
Table 4: PSPF Member – Children Survivor Benefits, 2014 
Table 5: PSPF Member – Children Survivor Benefits When Member Leaves No Spouse, 2014


List of Figures


Figure 1: Major Institutions of the Zambian Social Security System 
Figure 2: Zambian GDP at Constant Prices (US$ Billion), 2008–2012 
Figure 3: Zambian GDP Per Capita at Constant Prices (US$), 2008–2012 
Figure 4: Zambian GDP at Current Prices (US$ Million), 2008–2012 
Figure 5: Zambian GDP Per Capita at Current Prices (US$), 2008–2012 
Figure 6: Zambian GDP by Key Sectors (%), 2008 and 2012 
Figure 7: Zambian Inflation Rate (%), 2009–2013 
Figure 8: Zambian Annual Average Exchange Rate US$–ZMW, 2008–2012 
Figure 9: Zambian Unemployment Rate, (%), 2008–2012 
Figure 10: Zambian Household Consumption Expenditure, (US$), 2008–2012 
Figure 11: Zambian Total Population (Million), 2008–2012 
Figure 12: Zambian Size of Labor Force (Million), 2008–2012 
Figure 13: Zambian Urban and Rural Populations (%), 2008–2012

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