Employee Benefits in Romania 2017

GlobalData
63 Pages - GLDATA66537
$1,495.00

Summary

Romania has a well-established social security system. In order to provide its citizens with decent living conditions, the Romanian government provides various social security schemes in close association with private institutions. The Romanian pension system is divided into three pillars - the first is a mandatory public pension system, which functions as a pay-as-you-go (PAYG) system. Privately administered pension fund schemes form the second pillar and voluntary occupational pension schemes form the third pillar. The public social protection institutions run different schemes at both central and local levels of administration. At the central level of management, the ministries and the national agencies are responsible for providing protection to individuals in the form of benefits such as sickness and health, maternity, old-age, accidents at work and occupational diseases, family and child benefits, unemployment and invalidity benefits. At a local level of management, based on the social solidarity and social inclusion principles, the officers of the mayor and the county’s general executives are responsible for providing social assistance and child protection cover.

The report provides in-depth industry analysis, information and insights of the employee benefits in Romania, including: overview of the state and compulsory benefits in Romania, detailed information about the private benefits in Romania, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Romania.

Key Highlights

- Old-age and survivor's pension, unemployment, maternity and paternity benefits, insurance against accidents at work, insurance against occupational diseases, family benefits, compulsory insurance for healthcare are the main state and compulsory benefits in force in Romania.
- Private pension benefit schemes come under third pillar and they are classified as voluntary occupational pension schemes.
- Benefits are usually paid in the form of annuities. Individuals who don’t have sufficient funds to receive pensions will be paid benefits in the form of lump sum amount or periodic payments for up to five years.
- Private bodies such as the Lawyer’s Insurance House is responsible for administering and operating the autonomous system of pensions and other social insurance benefits for lawyers.

Scope

- This report provides a detailed analysis of employee benefits in Romania.
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Romania.

Reasons to buy

- Make strategic decisions using in-depth information related to employee benefits in Romania.
- Assess Romanian employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Romania.
- Gain insights into key organizations governing Romanian employee benefits, and their impact on companies.

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Table of Contents
1 EXECUTIVE SUMMARY 2
2 INTRODUCTION 9
2.1 What is this Report About? 9
2.2 Definitions 9
3 COUNTRY STATISTICS 13
4 OVERVIEW OF EMPLOYEE BENEFITS IN ROMANIA 14
5 REGULATIONS 15
6 STATE AND COMPULSORY BENEFITS 18
6.1 Retirement Benefits 20
6.1.1 Introduction 20
6.1.2 Types of Retirement Plan 20
6.1.3 Eligibility 20
6.1.4 Age 21
6.1.5 Benefits 21
6.1.6 Payment Options 22
6.1.7 Employee and employer contributions 23
6.1.8 Taxation 23
6.2 Death in Service 24
6.2.1 Introduction 24
6.2.2 Eligibility 24
6.2.3 Benefits 25
6.2.4 Payment Options 26
6.2.5 Employee and employer contributions 26
6.2.6 Taxation 26
6.3 Long-Term Disability Benefits 27
6.3.1 Introduction 27
6.3.2 Eligibility 27
6.3.3 Benefits 28
6.3.4 Return to active life 29
6.3.5 Payment Options 29
6.3.6 Employee and employer contributions 30
6.3.7 Taxation 30
6.4 Short-Term Sickness Benefits 31
6.4.1 Introduction 31
6.4.2 Eligibility 31
6.4.3 Benefits 31
6.4.4 Payment Options 33
6.4.5 Employee and employer contributions 33
6.4.6 Taxation 33
6.5 Medical Benefits 34
6.5.1 Introduction 34
6.5.2 Eligibility 34
6.5.3 Benefits 34
6.5.4 Typical employer practice 36
6.5.5 Employee and employer contributions 36
6.6 Workmen’s Compensation Insurance 37
6.6.1 Introduction 37
6.6.2 Eligibility 37
6.6.3 Benefits 38
6.6.4 Payment options 39
6.6.5 Employee and employer contributions 40
6.6.6 Taxation 40
6.7 Maternity and Paternity Benefits 41
6.7.1 Introduction 41
6.7.2 Eligibility 41
6.7.3 Benefits 41
6.7.4 Payment Options 42
6.7.5 Employee and employer contributions 42
6.7.6 Taxation 42
6.8 Family Benefits 43
6.8.1 Introduction 43
6.8.2 Eligibility 43
6.8.3 Benefits 44
6.8.4 Payment Options 47
6.8.5 Taxation 47
6.9 Long-Term Care Benefits 48
6.9.1 Introduction 48
6.9.2 Eligibility 48
6.9.3 Benefits 49
6.9.4 Taxation 50
6.10 Minimum Resources 51
6.10.1 Introduction 51
6.10.2 Eligibility 51
6.10.3 Benefits 52
6.10.4 Payment Options 54
6.10.5 Taxation 54
6.11 Unemployment Benefits 55
6.11.1 Introduction 55
6.11.2 Eligibility 55
6.11.3 Benefits 55
6.11.4 Payment Options 57
6.11.5 Employee and employer contributions 57
6.11.6 Taxation 57
7 PRIVATE BENEFITS 58
7.1 Medical and Health Benefits 58
7.2 Other Benefits 59
8 APPENDIX 60
8.1 Methodology 60
8.2 Contact GlobalData 60
8.3 About GlobalData 61
8.4 GlobalData’s Services 62
8.5 Disclaimer 63

List of Tables
Table 1: Insurance Industry Definitions 9
Table 2: Romania - Country Statistics 13
Table 3: Romania Invalidity Benefits - Monthly Score Points 28
Table 4: Romania Sickness Benefits - Duration of Sick Leave 32
Table 5: Romania Workmen’s Compensation Benefits - Monthly Score Points 39
Table 6: Romania Family Benefits - State Allowance for Children Monthly Amount 44
Table 7: Romania Family Support Allowance - For Families with Income per Family Member up to 0.40 x RSI 44
Table 8: Romania Family Support Allowance - For Families with Income per Family Member between 0.4 x RSI and 1.06 x RSI 45
Table 9: Romania Allowance for Single Parent - For Income Below 0.40 x RSI 46
Table 10: Romania Allowance for Single Parent - For Income Between 0.4 x RSI and 1.06 x RSI 46
Table 11: Romania Minimum Resources - GMI Cash Benefits 53
Table 12: Romania Unemployment Benefit - P2 Values 56
Table 13: Romania Unemployment Benefit - Duration of Benefits 56

List of Figures
Figure 1: Romania - Main Institutions of Social Security System 18

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