Brazil has a well-developed social security system with contributions to social security schemes from both employers and employees. Brazilian employees primarily contribute to six statutory social security organizations which are the statutory pension insurance fund, the statutory death insurance fund, the statutory short-term sickness fund, the statutory long-term disability fund, the statutory maternity fund, and the statutory family benefits. The Brazilian government is responsible for the payment of benefits such as medical benefits and workmen’s compensation insurance.
The Brazil employee benefits report provides in-depth industry analysis, information, and insights into employee benefits in Brazil, including an overview of the state and compulsory benefits, detailed information about the private benefits, 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 Brazil.
The key private benefits offered by employers in Brazil are retirement benefits, disability benefits, death benefits, medical benefits, accidental death and dismemberment benefits, and other benefits.
Retirement Benefits: Private retirement plans comprise closed and open pension plans. Open supplementary pension guarantees the payment of benefits such as survivor, disability coverage, and death cover. An open pension plan can either be an individual or collective plan. Insurance companies, banks, and asset management funds offer such schemes, and any employer or employee can participate in these plans.
Closed pension schemes offer plans under all three contributory systems, namely defined benefit, defined contribution, and variable contribution. The variable contribution schemes comprise a large share of closed pension members followed by defined benefit schemes. Recent trend shows that more employers prefer the variable contribution plans to the defined benefit plan.
