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What are employee benefits?
Employee benefits are a type of compensation that companies provide to their employees in addition to their regular salaries and wages. Benefits can include health insurance, life insurance, disability insurance, retirement plans, paid time off, and more. Employees typically receive benefits when they first start working for a company. Some benefits may be available immediately, while others may vest over time. For example, 401(k) retirement plans often have a vesting period of three to five years.
What are the reasons that companies in Estonia offer employee benefits?
There are many reasons why companies in Estonia offer employee benefits, but one of the most important is to attract and retain top talent. In a highly competitive market, offering a comprehensive benefits package can give companies a significant advantage when it comes to recruiting and retaining the best employees. Employee benefits can also help to improve employee morale and motivation, which can have a positive impact on productivity and profitability. Additionally, offering employee benefits can help to build a positive corporate culture and image, which can further improve the company’s chances of success.
What are the most common employee benefits offered in Estonia?
Estonia has a reputation for being a great place to work, and part of that is due to the employee benefits on offer. Here are some of the top employee benefits you can expect to find in Estonia:
1. Wellness programs: Many companies in Estonia offer wellness programs as an employee benefit. These can include things like free gym memberships, yoga classes, and healthy eating initiatives.
2. Flexible working hours: With a culture that values work-life balance, it’s no surprise that flexible working hours are a popular employee benefit in Estonia. This means you can often start and finish work at times that suit you, as long as you get your work done.
3. Generous vacation allowance: Estonian workers are entitled to at least 20 days of paid vacation per year, and many companies offer even more than this. This means you can really make the most of your time off and explore all that Estonia has to offer.
4. Subsidised childcare: If you have young children, you’ll be happy to know that subsidized childcare is one of the top employee benefits on offer in Estonia. This can help to ease the financial burden of childcare and allow you to better focus on your work.
5. Free or discounted public transport: With excellent public transport links, many companies in Estonia offer free or discounted public transport as an employee benefit. This can save you money on your commute and make getting around the country easy.
Is Employee health insurance a mandatory employee benefit in Estonia?
In Estonia, employee health insurance is considered a mandatory employee benefit. This means that all employers must offer health insurance to their employees, and employees must be able to use the health insurance coverage to receive treatment for any medical condition. In addition, all employees must be covered by at least one health insurance plan that meets the minimum requirements set by the Estonian Social Insurance Board. Employers who do not offer their employees health insurance coverage are subject to fines from the Estonian Social Insurance Board.
What is the cost for employee benefits package in Estonia?
The cost of Employee benefits will vary depending on the provider, the size of the company, and the services offered.
The average cost of an employee benefits program in Estonia is $1,872 per year. This cost includes the cost of health insurance, retirement benefits, and other employee benefits. The average cost of health insurance for an employee in Estonia is $936 per year. The average cost of retirement benefits for an employee in Estonia is $624 per year. The average cost of other employee benefits in Estonia is $312 per year.
Who are the top employee benefits providers in Estonia?
Aon is a global professional services firm that provides a range of risk, retirement, and health solutions.
Mercer is a global consulting leader in talent, health, retirement, and investment solutions.
MantraCare is the top employee benefits solution provider in Estonia. They help design the benefits plan and execute the same with the HR. They offer comprehensive employee benefits programs that promote physical and mental well-being.
Their services include EAP, corporate yoga, physical therapy, chronic condition reversal (for diabetes & hypertension), meditation, work counseling, and more.
In which cities can MantraCare offer Employee Benefits Packages in Estonia?