Employee Benefits in Spain 2021

The Spanish social security system covers the country’s entire population, including foreigners who work in the country. It also protects those of Spanish origin, as well as their dependents who reside in foreign countries. The main objective of this system is to formulate a single and integrated model of social protection, in order to guarantee adequate social assistance and a source of funds for various benefits, with contributions from insured individuals, employers, and the state. However, the recent sovereign debt crisis in Europe has adversely impacted the Spanish social security system. The recession in property dealings affected Spain’s property and housing sector, and thus raised the level of unemployment. As a result of this, the payment of unemployment benefits has increased, rising government expenditure, and forcing the state to impose high taxes and charge for all free medical and healthcare services. Furthermore, the country’s private employee benefits sector was also adversely affected by the crisis.

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

Key Highlights

• The major organizations of Spanish social security system are Instituto Nacional de la Seguridad Social (The National Social Security Institute - INSS) ); Instituto Nacional de Gestion Sanitaria (The National Institute for Health Management - INGESA); Instituto de Mayores y Servicios Sociales (The Institute for Elderly and Social Services - IMSERSO); Público de Empleo Estatal (The State Public Employment Service - SPEE); and Instituto Social de la Marina (The Social Marine Institute - ISM).
• Instituto Nacional de la Seguridad Social (The National Social Security Institute - INSS): This institute takes care of all cash benefits granted by insurance schemes, apart from schemes that provide risk coverage for sea workers, non-contributory retirement pension and incapacity, and unemployment benefits
• Instituto Nacional de Gestion Sanitaria (The National Institute for Health Management - INGESA): This organization provides health care services in Ceuta and Melilla and other parts of Spain, in cooperation with Autonomous Communities
• In Spain, the public pension system is robust covering 75% of the population in 2016 and therefore the supplementary employer-sponsored pension plans are not popular in the country

Scope

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

• 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 Spain

Reasons to Buy

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