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.
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 are 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).
State and Compulsory Benefits: Employee benefits mandated by law are known as state and compulsory benefits. The social security system in Ukraine comprises six main branches: old-age pension, survivor's pensions, unemployment benefits, insurance for accidents at work and occupational diseases are the five compulsory state social insurance plans funded by employee and employer contributions, while social assistance such as family benefits and compulsory insurance for medical care and benefits are provided by the government to low-income families.
Private Benefits: In Ukraine, employers provide voluntary pension plans called Non-State Pension Finds (NPFs) to their employees. These are DC plans and employers-sponsored DB retirement plans are not prevalent in the country. Participation in the NPFs is optional for both employers and employees.
Furthermore, employers also provide medical, disability, and death benefits in the country. Despite the availability of universal health insurance, employers provide supplementary health insurance to their employees to cover additional healthcare expenses not covered under universal health insurance. Disability benefits are provided under an illness insurance product and employer’s liability insurance. Employers provide death benefits through group life insurance plans and the employer’s liability insurance plans.
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 are 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).
State and Compulsory Benefits: Employee benefits mandated by law are known as state and compulsory benefits. The social security system in Ukraine comprises six main branches: old-age pension, survivor's pensions, unemployment benefits, insurance for accidents at work and occupational diseases are the five compulsory state social insurance plans funded by employee and employer contributions, while social assistance such as family benefits and compulsory insurance for medical care and benefits are provided by the government to low-income families.
Private Benefits: In Ukraine, employers provide voluntary pension plans called Non-State Pension Finds (NPFs) to their employees. These are DC plans and employers-sponsored DB retirement plans are not prevalent in the country. Participation in the NPFs is optional for both employers and employees.
Furthermore, employers also provide medical, disability, and death benefits in the country. Despite the availability of universal health insurance, employers provide supplementary health insurance to their employees to cover additional healthcare expenses not covered under universal health insurance. Disability benefits are provided under an illness insurance product and employer’s liability insurance. Employers provide death benefits through group life insurance plans and the employer’s liability insurance plans.
Key Highlights
- The Pension Fund of Ukraine, the State Employment Service of Ukraine, and the Department of Social Protection of the Population organizations are responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.
- In Ukraine, employers offer DC-type voluntary pension plans called Non-State Pension Funds (NPFs) to their employees.
Report 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 benefits, long-term care benefits, minimum resource benefits, leaves and holidays, termination process, 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
Table of Contents
1. Executive Summary3. Country Statistics4. Overview of Employee Benefits in Ukraine5. Regulations
2. Introduction
6. State and Compulsory Benefits
7. Private Benefits
List of Tables
