Hungary Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits,

Hungary Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update

Summary

The report provides in-depth industry analysis, information, and insights into employee benefits in Hungary, including an overview of the state and compulsory benefits in Hungary, detailed information about the private benefits in Hungary, 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 Hungary.

The Hungarian social security system is based on the fundamental principle of solidarity, and both employers and employees contribute. Self-employed persons also make full contributions and are entitled to receive benefits under the system. In addition to the social security benefits, several benefits such as a supplementary pension, healthcare benefit, unemployment benefit, disability, and death benefits are provided by private employers in Hungary.

Key Highlights

• The Ministry for National Economy (Nemzetgazdasági Minisztérium), National Health Insurance Fund (Országos Egészségbiztosítási Pénztár), Hungarian State Treasury (Magyar Államkincstár), Central Administration of National Pension Insurance (Országos Nyugdíjbiztosítási Főigazgatóság - ONYF) and National Tax and Customs Administration (Nemzeti Adó és Vámhivatal) 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 a credited contribution.
• In Hungary, employers provide voluntary retirement benefits to their employees through voluntary pension funds, pension insurance, or retirement saving accounts.

Scope

This report provides a detailed analysis of employee benefits in Hungary -

• 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, worker's compensation insurance, maternity and paternity benefits, minimum resources benefit, unemployement benefits, family benefits, long term care benefits, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Hungary

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