Employee Benefits in Ukraine 2021

Following its declaration of independence, Ukraine initiated socio-economic reforms and initiated the national social security system. The system is divided into Compulsory State Social insurance, which is funded by employee and employer contributions, and Family and Social Benefits and Services which is financed by the government. The country’s transition to an open-market economy had adverse effects on its employment rate and standards of living, leading to economic depression and hyperinflation. However, economic, and social reforms are in process, with the intervention of the International Monetary Fund (IMF).

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

Key Highlights

• Ministry of Social Policy of Ukraine is the sole administrator of social security benefits and co-ordinates the social security funds
• Employers provide voluntary pension plans called Non-State Pension Finds (NPFs) as per Law on Non-State Pension Provisions, 2003, to their employees.
• Employers provide supplementary health insurance to their employees to cover additional healthcare expenses not covered under the universal health insurance
• Disability benefits are provided under an illness insurance product and employer’s liability insurance

Scope

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

• 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, long-term care benefits, leave and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Ukraine

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies