Employee Benefits in Romania 2019

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.

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.

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.

Companies mentioned

Table of Contents

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 ...

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 Eligibility

6.1.3 Benefits

6.1.4 Payment Options

6.1.5 Contributions

6.2 Death Benefits

6.2.1 Introduction

6.2.2 Eligibility

6.2.3 Benefits

6.2.4 Payment Options

6.2.5 Contributions

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 Contributions

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 Contributions

6.5 Medical Benefits

6.5.1 Introduction

6.5.2 Eligibility

6.5.3 Benefits

6.5.4 Payment Options

6.5.5 Contributions

6.6 Workers’ Compensation Insurance

6.6.1 Introduction

6.6.2 Eligibility

6.6.3 Benefits

6.6.4 Payment options

6.6.5 Contributions

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 Contributions

6.8 Other Benefits

6.8.1 Family Benefits

6.8.2 Long Term Care Benefits

6.8.3 Minimum Resources

6.8.4 Unemployment Benefits

6.8.5 Leaves and Holidays

7 PRIVATE BENEFITS

7.1 Retirement Benefits

7.2 Death Benefits

7.3 Disability Benefits

7.4 Medical Benefits

7.5 Accidental Death and Dismemberment Benefits

8 APPENDIX

8.1 Methodology

8.2 Contact GlobalData

8.3 About GlobalData

8.4 GlobalData’s Services

8.5 Disclaimer

List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Romania – Country Statistics

Table 3: Romania Sickness Benefits – Duration of Sick Leave

Table ...

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Romania – Country Statistics

Table 3: Romania Sickness Benefits – Duration of Sick Leave

Table 4: Romania Workers’ Compensation Benefits – Monthly Score Points

Table 5: Romania Family Benefits – State Allowance for Children Monthly Amount

Table 6: Romania Family Support Allowance – For Families with Income per Family Member up to 0.40 x RSI

Table 7: Romania Family Support Allowance – For Families with Income per Family Member between 0.4 x RSI and 1.06 x RSI

Table 8: Romania Allowance for Single Parent – For Income Below 0.40 x RSI

Table 9: Romania Allowance for Single Parent – For Income Between 0.4 x RSI and 1.06 x RSI

Table 10: Romania Minimum Resources – GMI Cash Benefits

Table 11: Romania Unemployment Benefit – P2 Values

Table 12: Romania Unemployment Benefit – Duration of Benefits

Table 13: Romania Leave – Fixed National and Public Holidays 2019

List of Figures

List of Figures

Figure 1: Romania – Main Institutions of Social Security System

List of Figures

Figure 1: Romania – Main Institutions of Social Security System

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