Employee Benefits in Russia 2020

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Date: 15-Oct-2020
No. of pages: 51
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Employee Benefits in Russia 2020

Summary

Russia inherited a Soviet-style pension system with characteristics such as generous early retirement provisions, privileges for certain occupational groups, and a weak link between contributions and benefits. The economic crisis in the 1990s forced the Russian government to undertake pension system reforms in 1995. The reforms were intended to make changes in the State Social Pension Insurance (first pillar), enhance the stability of the system by eliminating the generous early retirement provisions, and create a strong link between contributions and benefits. In 2004, the second and third pillars - funded schemes and supplementary pension provisions - were introduced. In principle, all employees in Russia are covered by the social security system, but the actual coverage rate is only 83% of the workforce. To receive a full pension, individuals must satisfy 30 years of insured status and the minimum qualifying period is 15 years. Individuals who are unable to reach the minimum qualifying period are eligible for a social assistance pension, which is equal to 90% of the basic pension

The report provides in-depth industry analysis, information and insights of the employee benefits in Russia, including: overview of the state and compulsory benefits in Russia, detailed information about the private benefits in Russia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Russia.

Key Highlights

- The Ministry of Social Protection and Labor in Russia is responsible for the functioning of the overall social security system.

- In Russia, state and compulsory benefits such as retirement, death in service, long-term disability, short-term sickness, medical, maternity and paternity, family allowance, long-term care, and unemployment are supervised by the Ministry of Labor and Social Protection and the Ministry of Healthcare.

- Supervises and formulates policy relating to workers' living conditions, remunerations, social security, labor relations, migrations, pension cover, and employment. It also provides protection to employees' dependents.

- It also manages the Federal Services for Labor and Employment, Pension Fund of the Russian Federation, and Social Insurance Fund of the Russian Federation.

Scope

This report provides a detailed analysis of employee benefits in Russia -

- 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, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits

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

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in Russia.

- Assess Russia'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 Russia.

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

Employee Benefits in Russia 2020

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 RUSSIA
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Benefits
6.1.4 Payment Options
6.1.5 Contributions
6.2 Death Benefits
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 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 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 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment Options
6.5.5 Contributions
6.6 Workers' Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Options
6.6.5 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 Contributions
6.8 Other Benefits
6.8.1 Family Benefits
6.8.2 Long Term Care Benefits
6.8.3 Minimum Resources
6.8.4 Unemployment Benefits
6.8.5 Leaves and Holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData's Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Russia - Country Statistics
Table 3: Russia Old-Age Benefits
Table 4: Russia Disability Pension Benefits
Table 5: Russia State Pension Benefits
Table 6: Russian Unemployment Benefits - Rates of Benefits Provided
Table 7: Russia-Public Holidays 2020

List of Figures
Figure 1:-Russia- Main Institutions of Social Security System
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