Employee Benefits in Peru, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

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The social security system in Peru is still undergoing significant change, with low social security contributions due to the informal nature of the labor market as most of the workers are self-employed and lack information and valuation within the system. The Comprehensive Health Insurance (SIS) was introduced in 2002 to provide universal cover for essential health services and income security to nationals. Peru enacted the Law of Universal Health Insurance in 2009.

The Peru Employee Benefits research report provides an in-depth industry analysis, information, and insights of the employee benefits in Peru, including an overview of the state and compulsory benefits in Peru, detailed information about the private benefits in Peru, 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 Peru.

Key State and Compulsory Benefits in the Peru Employee Benefits Market

The main state and compulsory benefits offered in Peru include old-age, survivor’s and long-term disability pensions, short-term sickness benefits, workmen’s compensation and occupational diseases, family benefits, maternity benefits, and medical care benefits.

Retirement Benefits

In Peru, retirement benefits are governed by the Law on the Unified Social Security Scheme of 1973, the Law on Early Retirement in the Private Sector of 2009, and the Law on Individual Accounts of 2012. It is provided under the state-run pension system or SNP and the private pension system or SPP. In the case of SNP, the Comptroller General of the Republic – CGR provides general supervision, the Office of Social Security Normalization administers the program and other special schemes, and the National Superintendent of Tax Administration collects the contributions. In the case of SPP, the pension fund administrators or AFP are responsible for licensing and supervising AFPs and insurance companies.

Death in Service Benefits

Death-in-service benefits are governed by the Law on the Unified Social Security Scheme of 1973, the Law on Early Retirement in the Private Sector of 2009, and the Law on Individual Accounts of 2012. For SNP pensioners, the CGR provides general supervision, the Office of Social Security Normalization administers the program and other special schemes, and the National Superintendent of Tax Administration collects contributions.  The death benefits are offered under EsSalud, EPS, and Vida Ley. Social Health Security (ESSALUD) offers health benefits to insured persons and their beneficiaries. It is regulated by the Ministry of Labor and Employment Promotion and the Ministry of Health.

Long-Term Disability Benefits

In Peru, long-term disability benefits are governed by Law on the Unified Social Security Scheme of 1973, the Law on Early Retirement in the Private Sector of 2009, and the Law on Individual Accounts of 2012. Long-term disability benefits are offered by EsSalud, EPS, and Vida Ley, which is a mandatory life insurance policy in Peru. Social Health Security (EsSalud) offers health benefits to the insureds and their beneficiaries. It is regulated by the Ministry of Labor and Employment Promotion and the Ministry of Health.

Key Private Benefits in the Peru Employee Benefits Market

The key private benefits offered by the employers of Peru are retirement benefits, medical benefits, death benefits, disability benefits, and accidental death and dismemberment benefits.

Retirement Benefits

Private employee benefits are not prevalent in Peru. Due to the mandatory nature of occupational pensions, the prevalence of DB supplementary employer-sponsored retirement plans is low. The prevalence of additional supplementary employer-sponsored defined contribution plans is low, owing to the presence of SPP to which employees are required to contribute. A few employers voluntarily contribute to this system on behalf of their employees.

Medical Benefits

Few employers provide supplementary medical benefits to an employee’s existing EsSalud or EPS scheme as part of a group health insurance plan. Additionally, few employers also provide fixed benefit group health insurance plans which mainly focus on outpatient care. There are no riders available for medical benefits.

Accidental Death and Dismemberment Benefits

Employers provide accidental death and dismemberment benefits via group personal accident insurance. It provides 24-hours coverage. Standalone accidental death insurance plans are also available. Few companies provide group accident plans for special activities. It covers vehicle occupants, school promotion trips, or work commission trips for company workers, and boat crews. It is also offered under the group life insurance plan.

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Market Report Overview

Key State and Compulsory Benefits Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Workers’ Compensation Insurance, Maternity and Paternity Benefits, and Other Benefits
Key Private Benefits Retirement Benefits, Disability Benefits, Death Benefits, Medical Benefits, and Accidental Death and Dismemberment Benefits

Scope

This report provides

  • A detailed analysis of employee benefits in Peru.
  • A detailed analysis of the key government-sponsored employee benefits, along with private benefits.
  • 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, social inclusion program, leaves and holidays, and private benefits.
  • Highlights of the economic and regulatory situations relating to employee benefits in Peru.

Reasons to Buy

  • Make strategic decisions using in-depth information related to employee benefits in the country.
  • Assess employee benefits of the market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in the country.
  • Gain insights into key organizations governing the employee benefits market, 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 Peru

5. Regulations

6. State and Compulsory Benefits

6.1 Retirement Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.2 Death in Service

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.3 Long-Term Disability Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.4 Short-Term Sickness Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.5 Medical Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.6 Workers’ Compensation insurance

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.7 Maternity and Paternity Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.8 Other Benefits

– Family Benefits

– Unemployment benefits

– Leaves and Holidays

7. Private Benefits

7.1 Retirement Benefits

7.2 Death Benefits

7.3 Disability Benefits

7.4 Medical Benefits

7.5 Accidental Death and Dismemberment Benefits

7.6 Other Benefits

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Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Peru – Country Statistics, 2020

Table 3: Peru – Old-Age Pension, Percentage of the Insured’s Earnings

Table 4: Peru – Retirement Benefits, Reference Salary

Table 5: Peru – Survivor’s Pension percentage

Table 6: Peru – Fixed National and Public Holidays, 2022

Figures

List of Figures

Figure 1: Peru – Main Institutions of Social Security System

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