In San Marino, a social safety net is provided through mandatory employee benefits. These benefits are funded through contributions from both employers and employees and are administered by the National Social Security Institute (INPS).

Mandatory Employee Benefits in San Marino

Social Security

• Pension: A mandatory pension system exists, with contributions from both employers (16.1%) and employees (8.62%) going towards the National Social Security Institute.
• Unemployment Benefit: Employees contribute 0.5% of their salary towards unemployment benefits in case of layoffs.
• Sickness and Maternity Benefits: These benefits are provided through social security contributions. Sickness benefits can replace up to 100% of an employee's earnings for the first six months, depending on the situation. Maternity leave lasts up to 5 months, with social security typically covering the costs.

Healthcare

• National Health System: San Marino guarantees free medical care for all residents, funded through social security contributions.

In San Marino, many employers offer additional perks to attract and retain talent. These optional employee benefits often go beyond the mandatory ones, providing a more comprehensive package for employees.

Health and Wellness

• Private Health Insurance: Some employers provide supplemental private health insurance that goes beyond what the national system offers. This could cover dental care, vision care, or additional treatments.
• Wellness Programs: On-site fitness facilities, gym memberships, or contributions to employee gym memberships are offered by some companies to promote a healthy lifestyle.

Financial Security

• Life Insurance: Life insurance plans are provided by some employers to financially protect employees' families.
• Disability Insurance: This benefit can offer financial support to employees who are unable to work due to illness or injury beyond what is covered by social security.

Work-Life Balance and Family Support

• Flexible Working Arrangements: Flexible work schedules, remote work options, or compressed workweeks are offered by some employers to help employees achieve a better work-life balance.
• Childcare Assistance: Childcare vouchers or on-site childcare facilities are offered by some companies to support employees with young children.

Additional Perks

• Professional Development: Educational opportunities or tuition reimbursement are offered by some employers to help employees develop their skills and advance their careers.
• Employee Discounts: Some companies provide discounts on products or services offered by the company or partner businesses.

San Marino has a comprehensive national health system that caters to most medical needs of its residents. This system is partially funded by mandatory social security contributions from employees. However, there are no specific requirements for employers to provide private health insurance in addition to the national plan.

Voluntary Employer-Provided Health Insurance

Although not compulsory, some employers in San Marino offer private health insurance as a voluntary benefit. This can provide additional coverage beyond what the national system offers, such as dental care, vision care, and coverage for specific treatments or procedures.

Factors for Employees to Consider

Even though employer-sponsored health insurance isn't mandatory, employees may want to consider if it's beneficial for them. Here are some factors to keep in mind:

• Coverage needs: If you have specific health needs or concerns, private insurance may offer additional peace of mind.
• Cost-sharing: Even with the national health system, there may be co-pays or deductibles for certain services. Private insurance can help offset these costs.
• Employer contribution: Some employers may subsidize the cost of private health insurance for employees, making it a more attractive option.

San Marino provides a dual approach to retirement security for its employees, which includes a mandatory public social security system and optional private plans.

Public Social Security System

The public social security system in San Marino is managed by the National Social Security Institute (Istituto per la Sicurezza Sociale - ISS). It offers a compulsory pension benefit upon retirement.

Key points to remember include:

• Contributions: Both employers and employees contribute to the social security system. The contribution rates are:
  • Employee: 8.3% + 2% (Fondiss) = 10.3%
  • Employer: 27.4% + 2% (Fondiss) = 29.4%
• Eligibility: The eligibility for retirement benefits and the retirement age itself depend on the total of your age and contribution years. You can retire as early as 60 if the sum of your age and contribution years reaches 100.
• Benefit Calculation: The pension amount is calculated based on your contributions and earnings. It includes a fixed amount and a portion based on your salary exceeding a set threshold.

Private Retirement Plans

In addition to the social security system, you can also consider voluntary private retirement plans to supplement your retirement income. Here are two possibilities:

• Fondiss: Fondiss is a supplementary pension fund established by the government. You can contribute an additional 2% of your salary on top of the mandatory Fondiss contribution withheld from your paycheck.
• Employer-sponsored plans: Some employers might offer private retirement plans like 401(k) equivalents. However, this is not as common as in other countries.

Additional Considerations:

• Tax implications: Contributions to Fondiss might offer tax benefits. It's important to research the specifics to understand how they impact your taxes.
• Investment options: Explore the investment options available within Fondiss or any employer-sponsored plan to align your contributions with your risk tolerance and retirement goals.