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Employee Benefits in Russia 2020
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.
- 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.
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.