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Employee Benefits in Bulgaria 2017

Published By :

GlobalData

Published Date : Jan 2018

Category :

Banking

No. of Pages : 75 Pages

Employee Benefits in Bulgaria 2017

Summary

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 survivors pensions. Irrespective of whether a person is employed, unemployed or self-employed, Bulgarians are covered under certain social security schemes. In Bulgaria, the pension system is classified into four pillars: the pay-as-you-go (PAYG) public pension insurance scheme, which is mandatory; supplementary compulsory pension insurance, which is divided into the Universal Pension Fund and the Professional Pension Fund; voluntary pension funds; and voluntary occupational schemes regulated by the Institutions for Occupational Retirement Provision (IORP) directive. Voluntary occupational schemes are managed by pension fund companies.

The report provides in-depth industry analysis, information and insights of the employee benefits in Bulgaria, including: 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.

Key Highlights

- State and compulsory employee benefits are mandatory. Old-age and survivor's pensions, unemployment, accident insurance, occupational disease insurance, family benefits and sickness care insurance are the main compulsory forms of cover.
- Private pension benefits are classified as voluntary pension funds and voluntary occupational schemes.
- The institutions and the activities of social security schemes are subject to mandatory regulation, which is implemented by the Council of Ministers and the Parliament in support with the representative organizations of employers and workers and other organizations of civil society.
- Under the regulation of the Financial Supervision Commission, the operations of the second and the third schemes are administered by private insurance companies.

Scope

- 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, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Bulgaria.

Reasons to buy

- Make strategic decisions using in-depth information related to employee benefits in Bulgaria.
- Assess Bulgarian employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Bulgaria.
- Gain insights into key organizations governing Bulgarian employee benefits, and their impact on companies.
Table of Contents
1 EXECUTIVE SUMMARY 2
2 INTRODUCTION 8
2.1 What is this Report About? 8
2.2 Definitions 8
3 COUNTRY STATISTICS 12
4 OVERVIEW OF EMPLOYEE BENEFITS IN BULGARIA 13
5 REGULATIONS 14
6 STATE AND COMPULSORY BENEFITS 16
6.1 Retirement Benefits 19
6.1.1 Introduction 19
6.1.2 Eligibility 19
6.1.3 Age 20
6.1.4 Benefits 21
6.1.5 Payment Options 23
6.1.6 Employee and employer contributions 23
6.1.7 Taxation 25
6.2 Death in Service 26
6.2.1 Introduction 26
6.2.2 Eligibility 26
6.2.3 Benefits 27
6.2.4 Employee and employer contributions 28
6.2.5 Taxation 29
6.3 Long-Term Disability Benefits 29
6.3.1 Introduction 29
6.3.2 Eligibility 30
6.3.3 Benefits 32
6.3.4 Employee and employer contributions 34
6.3.5 Taxation 35
6.4 Short-Term Sickness Benefits 36
6.4.1 Introduction 36
6.4.2 Eligibility 36
6.4.3 Benefits 37
6.4.4 Payment Options 38
6.4.5 Typical employer practice 38
6.4.6 Employee and employer contributions 38
6.4.7 Taxation 39
6.5 Medical Benefits 40
6.5.1 Introduction 40
6.5.2 Eligibility 40
6.5.3 Benefits 41
6.5.4 Typical employer practice 43
6.5.5 Employee and employer contributions 43
6.6 Workmens Compensation Insurance 44
6.6.1 Introduction 44
6.6.2 Eligibility 44
6.6.3 Benefits 45
6.6.4 Payment option 47
6.6.5 Employee and employer contributions 47
6.6.6 Taxation 48
6.7 Maternity and Paternity Benefits 49
6.7.1 Introduction 49
6.7.2 Eligibility 49
6.7.3 Benefits 50
6.7.4 Payment Options 51
6.7.5 Employee and employer contributions 51
6.7.6 Taxation 51
6.8 Family Benefits 52
6.8.1 Introduction 52
6.8.2 Eligibility 52
6.8.3 Benefits 54
6.8.4 Payment Options 55
6.8.5 Taxation 55
6.9 Long-Term Care Benefits 56
6.9.1 Introduction 56
6.9.2 Eligibility 56
6.9.3 Benefits 57
6.9.4 Payment Options 58
6.9.5 Taxation 58
6.10 Minimum Resources 59
6.10.1 Introduction 59
6.10.2 Eligibility 59
6.10.3 Benefits 63
6.10.4 Payment Options 64
6.10.5 Employee and employer contributions 65
6.10.6 Taxation 65
6.11 Unemployment Benefits 66
6.11.1 Introduction 66
6.11.2 Eligibility 66
6.11.3 Benefits 67
6.11.4 Payment Options 68
6.11.5 Employee and employer contributions 68
6.11.6 Taxation 68
7 PRIVATE BENEFITS 70
7.1 Medical and Health Benefits 70
7.2 Other Benefits 70
8 APPENDIX 72
8.1 Methodology 72
8.2 Contact GlobalData 72
8.3 About GlobalData 73
8.4 GlobalDatas Services 74
8.5 Disclaimer 75

List of Tables
Table 1: Insurance Industry Definitions 8
Table 2: Bulgaria - Country Statistics 12
Table 3: Bulgaria - Increase in Monthly Pension, 20092013 14
Table 4: Bulgarian Retirement Benefits - First- and Second-Category Contribution 24
Table 5: Bulgarian Retirement Benefits - Contributions by Self-Employed Individuals 24
Table 6: Bulgarian Retirement Benefits - Third-Category Contribution 25
Table 7: Bulgarian Retirement Benefits - Supplementary Compulsory Pension 25
Table 8: Bulgarian Death-in-Service Benefits - First- and Second-Category Contribution 28
Table 9: Bulgarian Death-in-Service Benefits - Contributions by Self-Employed Individuals 28
Table 10: Bulgarian Death-in-Service Benefits - Third Category Contribution 29
Table 11: Bulgarian Death-in-Service Benefits - Supplementary Compulsory Pension 29
Table 12: Bulgarian Long-Term Disability Benefits - Groups of Invalidity 31
Table 13: Bulgarian Long-Term Disability Benefits - Period of Insurance 31
Table 14: Bulgarian Long-Term Disability Benefits - Coefficient Factor 32
Table 15: Bulgarian Long-Term Disability Benefits - Coefficient Factor (Non-Contributory Period) 32
Table 16: Bulgarian Long-Term Disability Benefits - First and Second Category Contribution 34
Table 17: Bulgarian Long-Term Disability Benefits - Contributions by Self-Employed Individuals 34
Table 18: Bulgarian Long-Term Disability Benefits - Third Category Contribution 35
Table 19: Bulgarian Long-Term Disability Benefits - Supplementary Compulsory Pension 35
Table 20: Bulgarian Short-Term Sickness Benefits - Employer and Employee Contributions 38
Table 21: Bulgarian Workmens Compensation - Determination of Coefficient 46
Table 22: Bulgarian Workmens Compensation - Amount of Workmens Compensation Insurance Minimum Pension, 2017 46
Table 23: Bulgarian Maternity and Paternity Benefits - Employer and Employee Contribution 51
Table 24: Bulgarian Long-term Care Benefits - Degree of Disability 56
Table 25: Bulgarian Minimum Resources - Determination of Differentiated Guaranteed Minimum Income, 2017 62
Table 26: Bulgarian Unemployment Benefits - Duration of Insurance and Benefits Paid, 2017 67
Table 27: Bulgarian Unemployment Benefits - Employer and Employee Contributions 68

List of Figures
Figure 1: Bulgaria - Main Institutions of Social Security System 17

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