Spain

The number one benefit for employees in Spain is life insurance. Medical Insurance comes in at a close second as well as Retirement Scheme as Public Pension is being gradually reduced and employees are keen to supplement it. When asked to rank three other common benefits in order of importance, the average Spanish employee would likely mention Death & Permanent Disability by Accident and Travel

Asinta Partner
Clara Calzada

SARE

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Country Insight

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Future changes to come with regards to Social Security Retirement Pension which are under study -such as closer relations between contributions paid and benefits to receive- which would probably imply lower pensions and lower replacement rate.

Average Cost For Employer Sponsored Benefits

An average cost considering Life Insurance, Health Insurance and DC Retirement scheme as Benefits provided 100% employer could be approximately 8.5% of gross salary.

Advice

When a Company sets up in Spain it is advisable to check the Collective Agreement you have to comply with to be aware -among other issues- of the Employee Benefits to provide and the liabilities you assume.

Surprising Fact

Spain has different Autonomic Communities (Comunidades Autónomas) and you may find that tax implications with regards to Insurance tax exemptions -either for the Company or the employee-  may differ from one another as they have their own legislation over specific issues.

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