Summary
The Dominican Republic has a comprehensive social security system. There are three schemes under which social security benefits are granted to the country’s residents and citizens: a contributory scheme that covers employees; a contributory subsidized scheme for self-employed individuals and technicians that is yet to be implemented; and a fully subsidized scheme that covers unemployed and severely disabled persons who do not have a stable income and earn below the minimum wage. The 2003 economic crisis forced the government to reduce public social spending, discontinue several programs and focus on the social protection of the country’s poorest residents through the introduction of the solidarity card and programs like the eating first incentive program, attendance incentive and incentive for higher education.
The report provides in-depth industry analysis, information and insights of the employee benefits in Dominican Republic, including: overview of the state and compulsory benefits in Dominican Republic, detailed information about the private benefits in Dominican Republic, 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 Dominican Republic.
Key Highlights
- State benefits are granted by the government of a particular country to all of its employed, self-employed and unemployed residents and their dependents.
- The benefits that are granted by private employers to their employees over and above the state and compulsory benefits are known as private benefits.
- The Dominican Republic’s social security system is regulated and based on the Law 87-01, which was enacted on May 10, 2001.
- Compulsory benefits are provided by employers to their employees, and are mandated by law. Retirement, death, disability pension, sickness and maternity benefits, medical benefits and workmen compensation benefits form a part of state and compulsory benefits.
Scope
- This report provides a detailed analysis of employee benefits in Dominican Republic.
- 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 Dominican Republic.
Reasons to buy
- Make strategic decisions using in-depth information related to employee benefits in Dominican Republic.
- Assess Dominican Republic employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Dominican Republic.
- Gain insights into key organizations governing Dominican Republic employee benefits, and their impact on companies.
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Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN DOMINICAN REPUBLIC
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of Retirement Plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Pensionable salary
6.1.6 Benefits
6.1.7 Payment options
6.1.8 Typical employer practice
6.1.9 Employee and employer contributions
6.1.10 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Employee and employer contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen’s Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Option
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment Options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Solidarity Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment Options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Leaves and Holidays
6.9.1 Annual vacation
6.9.2 Paid leave
6.9.3 Public holiday
6.9.4 Seasonal holidays
6.1 Overtime Compensation
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Dominican Republic - Country Statistics
Table 3: Contribution - Workmen’s Compensation
Table 4: The Dominican Republic - Public Holidays
List of Figures
Figure 1: Dominican Republic - Main Institutions of Social Security System
