Employee Benefits in Romania, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in Romania, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

Romania has a well-established social security system. 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 four 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, while voluntary occupational pension schemes form the third pillar, and a private pension forms the fourth. 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 protecting 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 an 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

• The National House of Public Pensions, National Agency for Employment, National Health Insurance House, Ministry of Labor, Family, Social
Protection and Elderly, and Ministry of Health 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 Romania, employers provide voluntary retirement benefits to their employees through supplementary pension scheme.

Scope

This report provides a detailed analysis of employee benefits 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, compensation, leaves and holidays 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 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