Market Research Report
Employee Benefits in Colombia 2018
|Published by||GlobalData||Product code||323168|
|Published||Content info||43 Pages
Delivery time: 1-2 business days
|Employee Benefits in Colombia 2018|
|Published: September 28, 2018||Content info: 43 Pages||
Colombia has a basic social security system with low coverage and participation. The country's social insurance system was initially introduced for public sector employee groups only. Private sector employees secured coverage in 1946. Pension benefits were introduced with the creation of the Social Security Institute (ISS) in 1967. However, the ISS faced problems immediately due to low coverage and participation rates. To overcome this problem, the government created a new social security system through Law 100 of 1993. The law introduced a dual public-private competitive pension system - Regimen de Prima Media or average premium scheme (RPM), and the Regimen de Ahorro individual con Solidaridad, or individual savings system with solidarity (RAIS). In 2012, the administration of RPM was transferred from ISS to Colpensiones, a state-owned financial institution supervised by the Ministry of Labor, due to problems with debt and inefficiency. Private sector employees can choose between RPM and RAIS and have the option to change their membership once every five years. For self-employed and unemployed individuals there is a voluntary regime. Armed forces, police and teachers have their own separate systems.
The report provides in-depth industry analysis, information and insights of the employee benefits in Colombia, including: overview of the state and compulsory benefits in Colombia, detailed information about the private benefits in Colombia, 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 Colombia.