Employee Benefits in Romania 2020

Employee Benefits in Romania 2020

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.