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Employee Benefits in Hungary

  • September 2014
  • -
  • Timetric
  • -
  • 56 pages

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

The Hungarian social security system is based on the fundamental principle of solidarity, and both employers and employees contribute. Self-employed persons also make full contributions and are entitled to receive benefits under the system. In addition to the social security benefits, a number of benefits such as supplementary pension, healthcare benefit, unemployment benefit, disability, and death benefits are provided by private employers in Hungary.

This report provides a detailed analysis of employee benefits in Hungary:
- 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 benefits and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Hungary

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

Key Highlights
- The Hungarian social security system is classified into five branches: health insurance, pension insurance, unemployment insurance, the social assistance system, and the family support system
- The Hungarian social security system is administered and governed by the EEM
-In addition to social security benefits, a number of benefits are provided to employees in the private sector. These benefits are provided mainly through establishment of funds, including health funds, mutual aid funds and supplementary pension funds
-Hungary's Gross domestic product (GDP) at constant prices decreased from US$115.8 billion in 2008 to US$109.2 billion in 2012, at a CAGR of 1.4%

Table Of Contents

Employee Benefits in Hungary
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 Hungary
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Employee and employer contributions
6.1.8 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Employee and employer contribution
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 Payment options
6.3.5 Employee and employer contributions
6.3.6 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 Employee and employer contributions
6.4.6 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
6.5.6 Taxation
6.6 Workmen's Compensation Insurance
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 Employee and employer contributions
6.7.5 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 Employee and employer contributions
6.8.6 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Invalidity annuity
6.9.3 Non-contributory old-age allowance
6.9.4 Persons in active age
6.1 Annual Vacations
6.11 Unemployment
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment options
6.11.5 Employee and employer contributions
6.11.6 Taxation
6.12 Long-Term Care Benefits
6.12.1 Introduction
6.12.2 Eligibility
6.12.3 Benefits
6.12.4 Employee and employer contributions
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 Economic 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 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-HUF
8.1.8 Labor force
8.1.9 Unemployment rate
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Life expectancy at birth
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: Hungary - Country Statistics
Table 3: Hungary - Retirement Age
Table 4: Hungary - Valorization Multiplier
Table 5: Hungary - Pension (Based on Monthly Salary)
Table 6: Hungary - Pension Amounts (Percentage of Monthly Salary)
Table 7: Hungary - Family Allowance Per Month (2013)
Table 8: Hungary - Basic Leave

List of Figures
Figure 1: Major Institutions of the Hungarian Social Security System
Figure 2: Hungarian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Hungarian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Hungarian GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Hungarian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Hungarian GDP by Key Sectors (%), 2008 and 2012
Figure 7: Hungarian Inflation Rate, (%), 2008-2012
Figure 8: Hungarian Annual Average Exchange Rate US$-HUF, 2008-2012
Figure 9: Hungarian Size of Labor Force, (Million), 2008-2012
Figure 10: Hungarian Unemployment Rate (%), 2008-2012
Figure 11: Hungarian Gross National Disposable Income (US$ Billion), 2007-2011
Figure 12: Hungarian Total Population (Million), 2008-2012
Figure 13: Hungarian Life Expectancy at Birth (Years), 2008-2012
Figure 14: Hungarian Urban and Rural Populations, (%), 2008-2012

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