Employee Benefits in Denmark

Date: 2015-09

Denmark is one of the few countries in the world that adjusted well to the challenge of providing an established social security system and a flexible labor market for its citizens. It was one of the first countries to adopt a multi-pillar pension system, comprising a flat-rate residence-based national pension and private occupational pensions based on collective agreements. The first pillar is the state and compulsory pillar, providing universal cover. It consists of two tiers – the first is a residence-based Folkepension (national or social pension), while the second consists of a number of fully funded supplementary schemes. The second pillar is a quasi-mandatory scheme, which includes privately managed fully funded occupational schemes, and the third pillar consists of voluntary, supplementary pension schemes which are managed by banks or insurance companies. Most branches of the Danish social security system are compulsory, except unemployment insurance, and are financed by taxation.

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