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Switzerland statutory employee benefits market analysis

akhilesh23 Aug 2022 Business

The Swiss social security system comprises various forms of social insurance, which aim to protect both people living and working in Switzerland and their dependents. It is organized federally, and social security responsibilities are divided between federal and cantonal authorities. The Swiss social security system consists of five components which are old-age and disability pension, protection against the consequences of illness and accidents; income compensation allowances for military, civilian, or civil defense services, maternity and unemployment insurance, and family allowances.

The main state and compulsory benefits offered in Switzerland 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.

Retirement Benefits

The pension system in Switzerland comprises three pillars, namely the mandatory defined benefit pension system (DB system) offering old-age and survivors’ insurance, the mandatory occupational pension system, which includes both DB and DC plans, and individual voluntary pension.

Short-Term Sickness Benefits

A short-term sickness benefit is an optional insurance scheme that covers the risk of wage loss due to sickness. It also covers the risk of wage loss due to an accident if it is not covered by accident insurance. These benefits are funded through the contributions made by the employer and employee. In case of sickness, there is a continued payment of wages by the employer for a limited period.

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