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Employee Benefits in Romania

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

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 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

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.

Table Of Contents

Employee Benefits in Romania
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 Types of retirement plans
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 Payment options
6.2.5 Employee and employer contributions
6.2.6 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Return to active life
6.3.5 Payment options
6.3.6 Employee and employer contributions
6.3.7 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
6.6 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 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 Taxation
7 Private Benefits
7.1 Medical 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 GDP split by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-RON
8.1.8 Unemployment rate
8.1.9 Gross national disposable income
8.1.10 Household consumption expenditure
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: Romania - Country Statistics
Table 3: Romania Invalidity Benefits - Monthly Score Points
Table 4: Romania Sickness Benefits - Duration of Sick Leave
Table 5: Romania Workmen's Compensation Benefits - Monthly Score Points
Table 6: Romania Family Benefits - State Allowance for Children Monthly Amount
Table 7: Romania Family Support Allowance - For Families with Income per Family Member up to 0.40 x RSI
Table 8: Romania Family Support Allowance - For Families with Income per Family Member between 0.4 x RSI and 1.06 x RSI
Table 9: Romania Allowance for Single Parent - For Income Below 0.40 x RSI
Table 10: Romania Allowance for Single Parent - For Income Between 0.4 x RSI and 1.06 x RSI
Table 11: Romania Minimum Resources - GMI Cash Benefits
Table 12: Romania Unemployment Benefit - P2 Values
Table 13: Romania Unemployment Benefit - Duration of Benefits

List of Figures
Figure 1: Main Organizations of the Romanian Social Security System
Figure 2: Romanian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Romanian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Romanian GDP at Current Prices (US$ Billion), 2009-2013
Figure 5: Romanian GDP Per Capita at Current Prices (US$), 2009-2013
Figure 6: Romanian GDP by Key Sector (%), 2008-2011
Figure 7: Romanian Inflation Rate, (%), 2008-2013
Figure 8: Romanian Annual Average Exchange Rate US$-RON, 2009-2013
Figure 9: Romanian Unemployment Rate (%), 2008-2013
Figure 10: Romanian Gross National Disposable Income (US$ Billion), 2008-2012
Figure 11: Romanian Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 12: Romanian Total Population (Million), 2009-2013
Figure 13: Romanian Size of Labor Force (Million), 2008-2012
Figure 14: Romanian Urban and Rural Populations (%), 2009-2013

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