Puerto Rico Statutory and Private Employee Benefits (including Social Security) – Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update
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Puerto Rico Employee Benefits Market Overview
In 1952, Puerto Rico was granted the status of Commonwealth of United States after its constitution was ratified by the electorate. The Employees Retirement System (ERS) and Teachers Retirement System (TRS) are the major governing bodies of social security. The existing retirement system was introduced in 1951 as a defined benefit plan, but over the years evolved into a hybrid plan. The systems now provide coverage for retirement, disability, and death.
The Puerto Rico employee benefits market research report provides insights into the wide range of employee benefits such as retirement benefits, long-term and short-term sickness benefits, and medical benefits as well as other state and private benefits offered by employers in Puerto Rico.
Regulations Guiding Employee Benefits Market in Puerto Rico
Some of the key regulations guiding the employee benefits market in Puerto Rico are ERS of the Government of Puerto Rico, Act No. 447 of May 15, 1951; The Working Mother’s Protection Act – Maternity Leave Law, Law No. 3 of March 13, 1942; The Puerto Rico Labor Relations Act, Law No. 130 of May 8, 1945; The Puerto Rico Working Hours and Days Act, Law No. 379 of May 15, 1948; Compensation System for Work-Related Accidents Act No. 45 of April 18, 1935; and ERS of the Government of Puerto Rico, Act No. 447 of May 15, 1951.
Puerto Rico Employee Benefits Market Segmentation by State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Puerto Rico are 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.
Short-Term Sickness Benefits: The Puerto Rican government does not provide exclusive short-term sickness benefits. SINOT provides coverage for employees who are suffering from any diseases, provided the ailment is not an occupational disease. The government mandates that employees must be provided with paid sick leave.
Medical Benefits: Medical benefits offered in Puerto Rico are regulated by US federal laws. The US social security system provides two kinds of medical benefits: Medicare and Medicaid. Medicare is the basic health insurance program for people who have reached the age of 65 or are disabled. Medicaid is a healthcare program for individuals with low income or limited means.
Maternity and Paternity Benefits: Maternity benefits offered in Puerto Rico are governed by the Working Mothers’ Protection Act No. 3 of March 13, 1942. According to the law, all female employees in the private and public sectors have the right to be granted leaves during pregnancy.
Puerto Rico Employee Benefits Market Segmentation by Private Benefits
The key private benefits offered by the employers of Puerto Rico are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
Death Benefits: Employers provide death benefits to employees of an organization through a group life insurance plan. Employers also provide standalone funeral insurance plans to cover funeral expenses. Few multinational companies also provide group life and long-term disability insurance to protect their employees.
Medical Benefits: Employers provide supplementary medical benefits to their employees through group health insurance plans. Few employers also provide specific illness benefits such as cancer plans, and critical illness plans within their group health plans.
Accidental Death and Dismemberment Benefits: Few employers provide accidental death and disability benefits in Puerto Rico through group accidental death and dismemberment insurance or personal accident insurance plans as either core policy benefits or as an optional benefit under group life insurance.
For more insights on the Puerto Rico Employee Benefits Market, download a free report sample
Puerto Rico Statutory and Private Employee Benefits Market Report Overview
Key Regulations | ERS of the Government of Puerto Rico, Act No. 447 of May 15, 1951; The Working Mother’s Protection Act – Maternity Leave Law, Law No. 3 of March 13, 1942; The Puerto Rico Labor Relations Act, Law No. 130 of May 8, 1945; The Puerto Rico Working Hours and Days Act, Law No. 379 of May 15, 1948; Compensation System for Work-Related Accidents Act No. 45 of April 18, 1935; and ERS of the Government of Puerto Rico, Act No. 447 of May 15, 1951 |
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, Death Benefits, Medical Benefits, Disability Benefits, Accidental Death and Dismemberment Benefits, and Other Benefits |
Scope
This report provides a detailed analysis of employee benefits in Puerto Rico –
- 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, leaves and holidays, and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Puerto Rico
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
Frequently asked questions
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What are the key regulations guiding employee benefits market in Puerto Rico?
Some of the key regulations guiding employee benefits market in Puerto Rico are ERS of the Government of Puerto Rico, Act No. 447 of May 15, 1951; The Working Mother’s Protection Act – Maternity Leave Law, Law No. 3 of March 13, 1942; The Puerto Rico Labor Relations Act, Law No. 130 of May 8, 1945; The Puerto Rico Working Hours and Days Act, Law No. 379 of May 15, 1948; Compensation System for Work-Related Accidents Act No. 45 of April 18, 1935; and ERS of the Government of Puerto Rico, Act No. 447 of May 15, 1951.
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What are the key state and compulsory benefits in the Puerto Rico employee benefits market?
The key state and compulsory benefits in Puerto Rico employee benefits market are 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.
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Who regulates the Puerto Rico medical benefits system?
The medical benefits system in Puerto Rico is regulated by US federal laws.
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What are the key private benefits in the Puerto Rico employee benefits market?
The key private benefits in the Puerto Rico employee benefits market are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.
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