Employee Benefits in Costa Rica 2020

The Costa Rican social security system provides universal cover for healthcare and old-age needs of people living in Costa Rica. While all employees are required to contribute, the social security system also takes care of those unable to do so. The means-tested system ensures that people living in poverty have access to basic necessities. The CajaCostarricense de Seguro Social (Costa Rican Department of Social Security, CCSS) is the main regulator of the Costa Rican social security system.

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

Key Highlights

– The CajaCostarricense de Seguro Social (Costa Rican Department of Social Security, CCSS) 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 Costa Rica, employers provide voluntary retirement benefits to their employees through deferred annuity plans.

Scope

This report provides a detailed analysis of employee benefits in Costa Rica –

– 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 Costa Rica

Reasons to buy

– Make strategic decisions using in-depth information related to employee benefits in Costa Rica.

– Assess Costa Rica’s employee benefits market, including state and compulsory benefits and private benefits.

– Gain insights into the key employee benefit schemes offered by private employers in Costa Rica.

– Gain insights into key organizations governing Costa Rica’s employee benefits, and their impact on companies.

Table of Contents

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 COSTA RICA

5 REGULATIONS

6 STATE AND COMPULSORY BENEFITS

6.1 Retirement Benefits

6.2 Death in Service

6.3 Long-Term Disability Benefits

6.4 Short-Term Sickness Benefits

6.5 Medical Benefits

6.6 Workmen’s Compensation Insurance

6.7 Maternity and Paternity Benefits

6.8 Other Benefits

7 PRIVATE BENEFITS

7.1 Retirement Benefits

7.2 Disability Benefits

7.3 Death Benefits

7.4 Medical and Health Benefits

7.5 Accidental Death and Dismemberment 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

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Costa Rica – Country Statistics

Table 3: Minimum wage rates, 2020

Table 4: Costa Rican Contribution rates for IVM

Table 5: Costa Rican Survivor’s Pension – Rate of Benefits

Table 6: Costa Rican Short-Term Sickness Benefits – Financial Allowance for Self-employed

Table 7: Costa Rican Maternity Benefits – Allowances for the Self-Employed

Table 8: Costa Rican Unemployment Benefits – Severance Pay Calculation

Table 9: Costa Rica Leaves – Fixed National and Public Holidays 2020

Table 10: Costa Rica Dismemberment benefits usually offered under the Group life and personal accident plans

List of Figures

List of Figures

Figure 1: Costa Rica – Main Institutions of Social Security System

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