Employee Benefits in Czech Republic, 2020 Update

Summary

The Czech Republic has a well-developed social security system, and employers, employees, and self-employed persons contribute to social security schemes. The Czech social security system is built on three pillars: compulsory social insurance, state social support system, and social assistance. Compulsory social insurance covers pension insurance, health insurance, and the national employment policy system. The non-contributory state social support system supports families with dependent children. The final pillar, tax-financed social assistance provides benefits to persons with disabilities, and assistance to those with insufficient income. The sickness insurance scheme is obligatory for employees and voluntary for self-employed persons. Some groups such as students and women on maternity leave are insured without contributions if certain conditions are met.

The report provides in-depth industry analysis, information and insights of the employee benefits in Czech Republic, including: overview of the state and compulsory benefits in Czech Republic, detailed information about the private benefits in Czech Republic, 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 Czech Republic.

Key Highlights

• State and compulsory benefits include all mandatory benefits to be provided to employees. In the Czech Republic, the state and compulsory benefits comprise pension insurance, sickness insurance, and state social support. Act No. 582/1991Coll. regulates the social security benefits in the country.
• The Czech pension system is composed of two pillars: Compulsory basic pension insurance, and complementary pension insurance.
• The compulsory basic pension insurance is universal. It is provided to all economically active employees in the form of a defined-benefit (DB) plan and is financed on a pay-as-you-go basis.
• In Czech Republic, employers provide voluntary retirement benefits to their employees through voluntary insurance contracts

Scope

This report provides a detailed analysis of employee benefits in Czech Republic -

• 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 Czech Republic

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in Czech Republic.
• Assess Czech Republic'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 Czech Republic.
• Gain insights into key organizations governing Czech Republic's employee benefits, and their impact on companies.