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 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.
- Pension 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 pension benefit schemes come under the third pillar and are classified as voluntary occupational pension schemes.
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. INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3. COUNTRY STATISTICS
4. OVERVIEW OF EMPLOYEE BENEFITS IN ROMANIA
5. REGULATIONS
6. STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Benefits
6.1.4 Payment Options
6.1.5 Contributions
6.2 Death Benefits
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Contributions
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Contributions
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment Options
6.5.5 Contributions
6.6 Workers’ Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment Options
6.7.5 Contributions
6.8 Other Benefits
6.8.1 Family Benefits
6.8.2 Long Term Care Benefits
6.8.3 Minimum Resources
6.8.4 Unemployment Benefits
6.8.5 Leaves and Holidays
7. PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits
8. APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Romania - Country Statistics
Table 3: Romania Sickness Benefits - Duration of Sick Leave
Table 4: Romania Workers’ Compensation Benefits - Monthly Score Points
Table 5: Romania Family Benefits - State Allowance for Children Monthly Amount
Table 6: Romania Family Support Allowance - For Families with Income per Family Member up to 0.40 x RSI
Table 7: Romania Family Support Allowance - For Families with Income per Family Member between 0.4 x RSI and 1.06 x RSI
Table 8: Romania Allowance for Single Parent - For Income Below 0.40 x RSI
Table 9: Romania Allowance for Single Parent - For Income Between 0.4 x RSI and 1.06 x RSI
Table 10: Romania Minimum Resources - GMI Cash Benefits
Table 11: Romania Unemployment Benefit - P2 Values
Table 12: Romania Unemployment Benefit - Duration of Benefits
Table 13: Romania Leave - Fixed National and Public Holidays 2020
List of Figures
Figure 1: Romania - Main Institutions of Social Security System
