Press release -
New Report on Employee Benefits in the UK, Japan, UAE, South Africa and Denmark Research Growth and Share
Employee Benefits in the UK
The
UK has one of the most comprehensive and well-established welfare
systems in the world. It is predominantly controlled by the social
security system, which provides citizens with various benefits, as well
as foreign nationals who reside in the UK. Welfare benefits in the
country are disbursed under various schemes such as cash benefits,
healthcare, education, housing and personal social services. Cash
benefits are widely used, and are among the most popular social security
schemes in the UK. These benefits are classified into three subgroups,
namely national insurance, means-tested and non-contributory benefits.
Employee Benefits in Japan
The
Japanese social security system is designed to assure a minimum
standard of living to its citizens, as well as protection from social
and economic risks. It consists of the following components: a public
pension system, health services, and personal social services for the
elderly and the disabled, family policy to support working women,
employment of senior workers, and public assistance. Japan follows a
multi-tier pension system, which includes public and private pension
schemes. The public pension and healthcare systems are comprehensive,
covering all citizens of the country. The country’s healthcare system is
characterized by a fee-for-service practice, and the free choice of
healthcare providers. However, personal social services and family
policy are the relatively underdeveloped social security fields.
Employee Benefits in the UAE
The
United Arab Emirates (UAE) has undergone a huge transformation
following the discovery of oil in the 1950s, going from a poor region to
a contemporary state with a high standard of living. The country,
however, only provides social security benefits to UAE nationals. The
country does not have a social security system comparable to those that
expatriates from other countries have access to. Expatriate employees
and employers of an expatriate are not required to make contributions to
any social security scheme. The country’s social security system is
governed by the Pension and Social Security Federal Law. The General
Pension and Social Security Authority (GPSSA) and Abu Dhabi Retirement
Pensions and Benefits Fund (ADRPBF) are both responsible for social
insurance and pension benefits in the UAE. Individuals can also
voluntarily participate in private benefit plans.
Employee Benefits in South Africa
South
Africa has a well-developed social security system, which covers
employees and their dependents, unemployed persons and individuals. The
Department of Labor (DoL) is the central labor administration body and
is regulated by Ministry of Labor. The South African social security
system is composed of three pillars: the non-contributory pillar (taxed
pillar), contributory pillar and private voluntary pillar. The
contributory pillar includes social insurance, while the
non-contributory pillar includes social assistance and social relief
distress. The private voluntarily pillar covers pensions, short-term,
work-injury and healthcare benefits, and is usually voluntary but can
become obligatory based on a company’s policy, work, industry and
sector.
Employee Benefits in Denmark
Denmark
is one of the few countries in the world that adjusted well to the
challenge of providing an established social security system and a
flexible labor market for its citizens. It was one of the first
countries to adopt a multi-pillar pension system, comprising a flat-rate
residence-based national pension and private occupational pensions
based on collective agreements. The first pillar is the state and
compulsory pillar, providing universal cover. It consists of two tiers –
the first is a residence-based Folkepension (national or social
pension), while the second consists of a number of fully funded
supplementary schemes. The second pillar is a quasi-mandatory scheme,
which includes privately managed fully funded occupational schemes, and
the third pillar consists of voluntary, supplementary pension schemes
which are managed by banks or insurance companies. Most branches of the
Danish social security system are compulsory, except unemployment
insurance, and are financed by taxation.
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