VISAVIS provides independent employee benefit advice to over 400 Portuguese employers. They use this substantial data to frequently help employers understand how their employee benefits compare in their sector. To answer employers’ most common questions, VISAVIS created this market guide. Inside the document you’ll find outlined:
- Portugal’s benefits landscape including a benefits menu, mandatory requirements, and employment law
- Typical benefit design and cost
- Adviser remuneration
Example language inside the guide…
Portugal once had one of the world’s most generous social security systems. However, the political reforms since 2007, and the increasingly understaffed and overcrowded National Health Service (NHS), have impacted this. Consequently, employers and individuals are now both more aware and more responsible for retirement and healthcare.
Health insurance is the most valued and popular employee benefit in Portugal, and it seems that it will continue to be, along with life insurance solutions. On the other hand, companies increasingly offer retirement plans because older employees value them. There is a continued interest in defined contribution plans. Specifically, most of the new schemes implemented by employers are defined contribution plans with the possibility of voluntary individual contributions made by employees.
Despite that, other social benefits are more and more valued such as company cars or co-payments of schools and/or education costs of employees’ children.
If you have questions about employee benefits in Portugal, please contact us and we will put you in touch with VISAVIS.