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Employee Benefits in Romania

  • February 2015
  • -
  • Timetric
  • -
  • 67 pages

Summary

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Synopsis
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.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Romania, including:

- An overview of state and compulsory benefits in Romania

- Detailed information about private benefits in Romania

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Romania

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 benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, minimum resources, long-term care benefits, unemployment 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 Romania’s 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 Romania’s employee benefits, and their impact on companies

Key Highlights
- The country’s pension system was especially besieged by problems such as lack of transparency, a low retirement age and a high unemployment rate. There were also different pension schemes for different employee groups.

- In order to address all these issues and create an integrated pension system, Romania introduced reform in 2000. Self-employed, unemployed, policemen and farmers were not part of the pervious system. However, after the introduction of reform they were brought under the pension system.

- Private 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.

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