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Employee Benefits in Bulgaria

  • September 2014
  • -
  • Timetric
  • -
  • 75 pages

Synopsis
The report provides in-depth industry analysis, information and insights into employee benefits in Bulgaria, including:
- An overview of state and compulsory benefits in Bulgaria
- Detailed information on private benefits in Bulgaria
- Insights into various central institutions responsible for the administration of the different branches of social security
- The regulatory framework and recent regulations relating to Bulgarian employee benefits

Summary
The National Social Security Institute (NSSI) is responsible for managing all the social security schemes in the Republic of Bulgaria. It administers mandatory social security schemes such as sickness, maternity, occupational diseases, workplace accidents, disability, old-age and survivor’s pensions. Irrespective of whether a person is employed, unemployed or self-employed, Bulgarians are covered under certain social security schemes. In Bulgaria, the pension system is classified into four pillars: the pay-as-you-go (PAYG) public pension insurance scheme, which is mandatory; supplementary compulsory pension insurance, which is divided into the Universal Pension Fund and the Professional Pension Fund; voluntary pension funds; and voluntary occupational schemes regulated by the Institutions for Occupational Retirement Provision (IORP) directive. Voluntary occupational schemes are managed by pension fund companies.

Scope
This report provides a detailed analysis of employee benefits in Bulgaria:
- 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 benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen's compensation, maternity and paternity benefits, family benefits, minimum resources, unemployment, long-term care benefits and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Bulgaria

Reasons To Buy
- Make strategic decisions using in-depth information related to Bulgarian employee benefits
- Assess the Bulgarian employee benefits market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in Bulgaria
- Gain insights into key regulations governing Bulgarian employee benefits, and their impact on companies

Key Highlights
- Social protection in Bulgaria consists of a social insurance scheme, which acts as a classic contribution, non-contributory scheme, and a social assistance scheme
- Public social insurance schemes are responsible for providing cash benefits and pensions in the event of sickness, occupational disease, old age, death, invalidity, accident at workplace and maternity
- Social assistance provides protection against poverty by covering family benefits, under Bulgarian legislation
- Insurance and tax-financed schemes are the most common within the Bulgarian health model
- Private pension benefits come under the third and the fourth pillars, which are classified as voluntary pension funds and voluntary occupational schemes
- Meal vouchers, business travel allowances, employee assistance programs and flexi-time are examples of typical fringe benefits in the country

Table Of Contents

Employee Benefits in Bulgaria
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 Bulgaria
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Age
6.1.4 Benefits
6.1.5 Payment options
6.1.6 Employee and employer contributions
6.1.7 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Employee and employer contributions
6.2.5 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Employee and employer contributions
6.3.5 Taxation
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 Typical employer practice
6.4.6 Employee and employer contributions
6.4.7 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
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 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee employer contributions
6.9.6 Taxation
6.1 Unemployment
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
6.10.6 Taxation
6.11 Long-term Care Benefits
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment options
6.11.5 Taxation
7 Private Benefits
7.1 Medical and Health Benefits
7.2 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 Inflation rate
8.1.6 Annual average exchange rate US$-BGN
8.1.7 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Bulgaria - Country Statistics
Table 3: Bulgaria - Increase in Monthly Pension, 2009?2013
Table 4: Bulgarian Retirement Benefits - First and Second Category Contribution
Table 5: Bulgarian Retirement Benefits - Contributions by Self Employed Individuals
Table 6: Bulgarian Retirement Benefits - Third-Category Contribution
Table 7: Bulgarian Retirement Benefits - Supplementary Compulsory Pension
Table 8: Bulgarian Death in Service Benefits - First and Second Category Contribution
Table 9: Bulgarian Death in Service Benefits - Contributions by Self Employed Individuals
Table 10: Bulgarian Death in Service Benefits - Third Category Contribution
Table 11: Bulgarian Death in Service Benefits - Supplementary Compulsory Pension
Table 12: Bulgarian Long-term Disability Benefits - Groups of Invalidity
Table 13: Bulgarian Long-term Disability Benefits - Period of Insurance
Table 14: Bulgarian Long-term Disability Benefits - Coefficient Factor
Table 15: Bulgarian Long-term Disability Benefits - Coefficient Factor (Non-Contributory Period)
Table 16: Bulgarian Long-term Disability Benefits - First and Second Category Contribution
Table 17: Bulgarian Long-term Disability Benefits - Contributions by Self-Employed Individuals
Table 18: Bulgarian Long-term Disability Benefits - Third Category Contribution
Table 19: Bulgarian Long-term Disability Benefits - Supplementary Compulsory Pension
Table 20: Bulgarian Short-term Sickness Benefits - Employer and Employee Contributions
Table 21: Bulgarian Workmen's Compensation - Determination of Coefficient
Table 22: Bulgarian Workmen's Compensation - Amount of Workmen's Compensation Insurance Minimum Pension
Table 23: Bulgarian Maternity and Paternity Benefits - Employer and Employee Contribution
Table 24: Bulgarian Minimum Resources - Determination of Differentiated Guaranteed Minimum Income
Table 25: Bulgarian Unemployment Benefits - Duration of Insurance and Benefits Paid
Table 26: Bulgarian Unemployment Benefits - Employer and Employee Contributions
Table 27: Bulgarian Long-term Care Benefits - Degree of Disability

List of Figures
Figure 1: Major Organizations of the Bulgarian Social Security System
Figure 2: Bulgarian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Bulgarian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Bulgarian GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Bulgarian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Bulgarian Inflation Rate (%), 2008-2013
Figure 7: Bulgarian Annual Average Exchange Rate US$-BGN 2008-2012
Figure 8: Gross National Disposable Income (US$ Billion), 2008-2011
Figure 9: Bulgarian Total Population (Million), 2008-2012
Figure 10: Bulgarian Size of Labor Force (Million), 2008-2012
Figure 11: Bulgarian Urban and Rural Populations (%), 2008-2012

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