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Employee Benefits in Puerto Rico 2021

  • ID: 5347989
  • Report
  • May 2021
  • 50 pages
  • GlobalData
1h Free Analyst Time

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In 1952, Puerto Rico was granted the status of Commonwealth of United States after its constitution was ratified by the electorate. The Employees Retirement System (ERS) and Teachers Retirement System (TRS) are the major governing bodies of social security. The existing retirement system was introduced in 1951 as a defined benefit plan, but over the years evolved into a hybrid plan. The systems now provide coverage for retirement, disability and death.

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

Key Highlights
  • ERS of the Government is 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 credited contribution.
  • In Puerto Rico, employers provide voluntary retirement benefits to their employees through voluntary superannuation contribution.
Scope

This report provides a detailed analysis of employee benefits in Puerto Rico -
  • 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, leaves and holidays and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in Puerto Rico
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
Note: Product cover images may vary from those shown
1. Executive Summary

2. Introduction
2.1 What is this Report about?
2.2 Definitions

3. Country Statistics

4. Overview of Employee Benefits in Puerto Rico

5. Regulations

6. State and Compulsory Benefits
6.1 Retirement Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.2 Death in Service
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.3 Long-Term Disability Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.4 Short-Term Sickness Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.5 Medical Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.6 Workers’ Compensation insurance
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.7 Maternity and Paternity Benefits
  • Introduction
  • Eligibility
  • Benefits
  • Payment options
  • Contribution
6.8 Other Benefits
  • Family Benefits
  • Unemployment Benefits
  • Leaves and Holidays
7. Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental and Dismemberment Benefits
7.6 Other Benefits
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List of Tables
Table 1: Insurance Industry Definitions
Table 2: Puerto Rico - Country Statistics
Table 3: Puerto Rico - Retirement Plan Limits 2021
Table 4: Puerto Rico - OSADI-Retirement Age
Table 5: Puerto Rico - ERS-Retirement Age
Table 6: Puerto Rico - Pensionable Salary Limits, 2020 and 2021
Table 7: Puerto Rico - Long-Term Disability Dismemberment Benefits
Table 8: Puerto Rico - Monthly Income levels for Medicaid
Table 9: Puerto Rico - Income Eligibility Guidelines
Table 10: Puerto Rico - Annual Household Income Limits for NAP, 2021
Table 11: Puerto Rico - Annual Household Income Limits for CHIP, 2021
Table 12: Puerto Rico - List of Cancelled Holidays
Table 13: Puerto Rico - Compulsory Holidays in Puerto Rico, 2021
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