Homework Assignment Pay and Benefits in Another Country ✓ Solved

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For this assignment, prepare a short report describing the pay and benefits of a country of your choice. Your only restriction is that you CANNOT use any of the countries discussed in Chapter 14 of the textbook (USA, Canada, Mexico, Brazil, Germany, India, or China). Otherwise, choose a country that is of interest to you.

Part 1: First, answer the following questions about this country:

  1. Name the country and in which world region the country is located.

  2. Are health insurance and/or retirement plans part of a universal “social welfare system” of the country? If so, explain how it is funded and who is allowed to participate in the system.

  3. If there is not a universal health care system, how do citizens of that country obtain health insurance?

  4. Are there any legal requirements for companies regarding retirement benefits?

  5. How are wages set in this country? Is there a minimum wage?

  6. How many paid-days off are required by law (e.g. holiday, vacation, sick days), if any?

  7. What is the country’s legal requirements for maternity/paternity leave and extended sick leave?

  8. Did you identify any interesting legally required employee benefits in this country?

  9. What resources are you using to find information about the country's social welfare system, minimum wage laws, and laws related to setting pay and benefits? Share specific websites where you found helpful information.

Part 2: Second, compare your country to one of your teammate’s country in a brief paragraph: how are benefits and wages similar or different between the two countries. Be sure to indicate which country you are using as the comparison (and which team member researched that country).

Paper For Above Instructions

Country Selection and Overview

For this assignment, I chose Sweden, located in Northern Europe, which is part of the Scandinavian region. Sweden is known for its comprehensive welfare system and is frequently ranked high for its quality of life and happiness indices.

Universal Health Insurance and Retirement Plans

Sweden has a universal health care system funded through taxation. All residents are eligible for health care regardless of their income or employment status. The system is primarily funded through municipal and regional taxes, which collectively cover about 85% of all health care expenses (Swedish National Board of Health and Welfare, 2023). In terms of retirement, Sweden has a public pension system funded via income taxes, offering citizens a safety net in their later years.

Obtaining Health Insurance

Given that Sweden has universal health care, citizens do not need to obtain private health insurance for basic care. However, many choose to purchase supplementary private insurance to cover services like dental care and private hospitals (OECD, 2022).

Legal Requirements for Retirement Benefits

Wage Regulations

Wage-setting in Sweden primarily occurs through collective bargaining agreements between employers and trade unions, leading to relatively high and secure wages. There is no statutory minimum wage; instead, wages are determined through these agreements (Swedish Trade Union Confederation, 2023).

Paid Days Off and Holidays

In terms of paid days off, Swedish law mandates at least 25 vacation days per year, in addition to 11 public holidays. Employees also enjoy sick leave benefits, with the first 14 days being paid at a rate of 80% of their salary (Swedish Social Insurance Agency, 2023).

Maternity and Paternity Leave

Swedish law is quite progressive regarding parental leave. Parents are entitled to a total of 480 days of paid parental leave that can be shared between them. Additionally, both parents are entitled to take flexible leave until their child turns eight years old (Swedish Gender Equality Agency, 2022).

Legally Required Employee Benefits

One interesting fact about Sweden is its strong focus on work-life balance, which is reflected in its generous leave policies and support for parental responsibilities. Moreover, many employees also receive benefits like wellness allowances, which companies encourage to promote health and well-being in the workplace (IKEA, 2023).

Research Resources

The information for this report was obtained from various reliable sources, including:

  • Swedish National Board of Health and Welfare: [www.socialstyrelsen.se](http://www.socialstyrelsen.se)

  • OECD Health Statistics: [www.oecd.org](http://www.oecd.org)

  • Swedish Pensions Agency: [www.pensionsmyndigheten.se](http://www.pensionsmyndigheten.se)

  • Swedish Trade Union Confederation: [www.lo.se](http://www.lo.se)

  • Swedish Social Insurance Agency: [www.forsakringskassan.se](http://www.forsakringskassan.se)

  • Swedish Gender Equality Agency: [www.jamstalldhet.gov.se](http://www.jamstalldhet.gov.se)

  • IKEA employee benefits: [www.ikea.com](http://www.ikea.com)

Part 2: Comparison with Another Country

In comparison, if we contrast Sweden's welfare model with that of Japan (as reported by John, a teammate), we notice significant differences. While both countries provide extensive social security systems, Sweden surpasses Japan in terms of paid parental leave and vacation days. Japan tends to emphasize work culture, which often results in longer working hours and fewer holidays (John, 2023). Conversely, Sweden's policies promote employee well-being and family life through its extensive benefits.

References

  • Swedish National Board of Health and Welfare. (2023). Retrieved from www.socialstyrelsen.se.

  • OECD. (2022). Health Data. Retrieved from www.oecd.org.

  • Swedish Pensions Agency. (2022). Pensions in Sweden. Retrieved from www.pensionsmyndigheten.se.

  • Swedish Trade Union Confederation. (2023). Retrieved from www.lo.se.

  • Swedish Social Insurance Agency. (2023). Sick Leave Benefits. Retrieved from www.forsakringskassan.se.

  • Swedish Gender Equality Agency. (2022). Parental Leave. Retrieved from www.jamstalldhet.gov.se.

  • IKEA. (2023). Employee Benefits. Retrieved from www.ikea.com.

  • John, A. (2023). Comparative Analysis of Japanese Labor Laws.

  • Statistics Sweden. (2022). Swedish Labor Market Overview. Retrieved from www.scb.se.

  • World Bank. (2021). Labor Market Indicators in Sweden. Retrieved from www.worldbank.org.

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