Employee Benefits in Zambia 2021

Employee Benefits in Zambia 2021

Summary

The Zambian social security system is based on the social insurance model and protects against income loss due to retirement, disability, and death. All employed individuals in the formal sector are required to contribute to the statutory pension scheme. Individuals not covered by the scheme can contribute voluntarily. The insurance industry’s growth was recently affected by bottlenecks such as its legal framework, fiscal regime, and investment climate, which are expected to be addressed soon by the Pensions and Insurance Authority.

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

Key HighlightsState and compulsory benefits include all mandatory benefits to be provided to employeesPension pillar system in Zambia consists of three pillarsOld-age and survivor’s pensions, insurance against accidents at work and occupational diseases, medical benefits, and annual vacation are the main compulsory benefits in force in ZambiaThe national social security institutions are the National Pensions Scheme Authority (NAPSA), the Public Service Pension Fund (PSPF), and the Local Authorities Superannuation Fund (LASF)Scope

This report provides a detailed analysis of employee benefits in Zambia - It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefitsIt 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, long-term care benefits, leave and private benefitsIt highlights the economic and regulatory situations relating to employee benefits in ZambiaReasons to BuyMake strategic decisions using in-depth information related to employee benefits in ZambiaAssess Zambia's employee benefits market, including state and compulsory benefits and private benefitsGain insights into the key employee benefit schemes offered by private employers in ZambiaGain insights into key organizations governing Zambia's employee benefits, and their impact on companies