Employee Benefits in Bulgaria 2024
Summary
The report provides in-depth industry analysis, information, and insights of the employee benefits in Bulgaria, including an overview of the state and compulsory benefits in Bulgaria, detailed information about the private benefits in Bulgaria, 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 Bulgaria.
The National Social Security Institute (NSSI) is responsible for managing all the social security schemes in the Republic of Bulgaria. It administers mandatory social security schemes such as sickness, maternity, occupational diseases, workplace accidents, disability, old age, and survivor’s pensions. Irrespective of whether a person is employed, unemployed, or self-employed, Bulgarians are covered under certain social security schemes.
The pension system in Bulgaria comprises the following three pillars -
- Pillar I: Social insurance system: This is based on a pay-as-you-go (PAYG) system under DB plans financed by the Pensions Fund.
- Pillar II: Supplementary compulsory pension insurance consisting of Universal Pension Funds (UPFs) and Professional Pension Funds (PPFs) managed by licensed pension insurers.
- Pillar III: Supplementary and voluntary occupational pension schemes.
- The National Social Insurance Institute (NSSI), National Health Insurance Fund, and Social Assistance Agency organizations are responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In Bulgaria, employers provide voluntary retirement benefits to their employees through voluntary pension funds (VPFs) and occupational schemes (VPFOS).
This report provides a detailed analysis of employee benefits in Bulgaria -
- 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 benefits, long-term care benefits, minimum resources benefits, leaves and holidays and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Bulgaria
- Make strategic decisions using in-depth information related to employee benefits in the country
- Assess employee benefits of the market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in the country
- Gain insights into key organizations governing employee benefits market, and their impact on companies
- 1 Executive Summary
- 2 Introduction
- 2.1 What is this Report about?
- 2.2 Definitions
- 3 Country Statistics
- 4 Overview of Employee Benefits in Bulgaria
- 5 Regulations
- 6 State and Compulsory Benefits
- 6.1 Retirement Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.2 Death in Service
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.3 Long-Term Disability Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.4 Short-Term Sickness Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.5 Medical Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.6 Workers’ Compensation Insurance
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.7 Maternity and Paternity Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.8 Other Benefits
- Family Benefits
- Unemployment Benefits
- Long-Term Care Benefits
- Minimum Resources Benefits
- Leaves and Holidays
- 7 Private Benefits
- 7.1 Retirement Benefits
- 7.2 Death Benefits
- 7.3 Medical benefits
- 7.4 Disability Benefits
- 7.5 Accidental Death and Dismemberment Benefits
- 7.6 Other Benefits
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Insurance Industry Definitions
- Table 2: Bulgaria – Country Statistics, 2023
- Table 3: Bulgaria – Employer and Employee Contribution
- Table 4: Bulgaria – Contributions by Self-Employed Individuals
- Table 5: Bulgaria – Employer and Employee Gross Earnings and Contribution
- Table 6: Bulgaria – Employer and Employee Types of benefits
- Table 7: Bulgaria – Determination of Coefficient
- Table 8: Bulgaria – Amount of Workers’ Compensation Insurance Minimum Pension
- Table 9: Bulgaria – Employer and Employee Benefits
- Table 10: Bulgaria – Duration of Insurance and Benefits Paid
- Table 11: Bulgaria – Unemployment insurance & Term of payment
- Table 12: Bulgaria – Employer and Employee Contribution Rates
- Table 13: Bulgaria – Degree of Disability
- Table 14: Bulgaria – Determination of Differentiated Guaranteed Minimum Income
- Table 15: Bulgaria – Holiday & Date
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