27% social security contribution tax (24% pension + 3% health) 1,5% labour-market contribution

Size: px
Start display at page:

Download "27% social security contribution tax (24% pension + 3% health) 1,5% labour-market contribution"

Transcription

1 Prepared by UNION Biztosító. I SUMMARY Social Security Eligibility All legally employed persons, members of cooperatives, students, people receiving jobseekers allowance and all contributing citizens, including the self-employed. Retirement Age Contributions For men and women Age 62 born before January 1, 1952 Age days born in 1952 Age 63 born in 1953 Age days born in 1954 Age 64 born in 1955 Age days born in 1956 Age 65 born in 1957 or after Employer contributions: 27% social security contribution tax (24% pension + 3% health) 1,5% labour-market contribution Employee contributions: 18,5% of employee s salary 10% pension contribution: upper limit of employees pension contribution cancelled from 1st of January % health contribution: 4% contribution for health services in kind + 3% contribution for cash benefits 1.5% labour- market contribution Citizens who are not insured have to pay HUF 6,930 (HUF 231/day) health contribution per month. Retirement Benefits Compulsory governmental pension fund: The basis is the average monthly salary of the employee earned during the whole active period from 1988, multiplied with a valorisation rate, depending on inflation (published annually). The final amount of pension depends on the number of years of service. Minimum retirement pension benefit is HUF 28,500 per month. Disability Benefits Known as Rehabilitation Benefits. The system of disability allowance has totally changed in The earlier disability benefit under the age limit has changed for rehabilitation and disability benefits and over the age limit it has changed for retirement pension benefit. Rehabilitation benefit is paid for a maximum of 3 years for those whose employability can be restored and who are disabled 60% or less (B1 or C1), and younger than 57. The amount of rehabilitation benefit depends on the degree of disability and varies between 35%-45% of the average salary. The minimum is 30% Employee Benefits Reference Manual Swiss Life Network

2 and the maximum is 50% of the official minimum salary (HUF 105,000 per month in 2015). Disability benefit is paid to those whose rehabilitation is not recommended (B2, C2 and D) or are older than 57 independent of the disability categories. The amount of disability benefit varies between 40-70% of the average salary, the minimum being 40% and the maximum 150% of the official minimum salary (HUF 105,000 in 2015). Those older than existing old pension age will get the retirement pension benefit. Death Benefits Spouse s Pension: Paid to surviving spouse, divorced spouse or common-law spouse. The temporary spouse s pension amounts to 60% of any pension that was due, or would have been due to the deceased. If the surviving spouse has at least 2 children the temporary benefit is paid as long as they study. The permanent spouse s pension also amounts to 60% if the person entitled to it does not possess a pension in their own right. In all other cases, the permanent spouse s pension is 30% of the pension rights of the deceased person. Orphan s Pension: 30% of the deceased s pension is paid for each orphan younger than age 16 (age 25 if in full-time education, no limit if disabled); a full orphan or an orphan with a disabled surviving parent receives 60% of the highest pension of either parent. Parent s Pension: Paid to parent or grandparent, who was disabled or over the age of 65 at the time of the child s or grandchild s death, and the child or grandchild took care for his or her parent and grandparent in last year. The sum of parent s pension is equal with spouse s pension. If more people are entitled for parent s pension, it is split among them. Accidental survivor s pension: Paid to the survivors, if the insured died in accident at working. The sum of accidental survivor s pension is equal with 60% of average salary and increased by percentages according to the number of service year. Medical Benefits Free medical care is provided to all who are insured (family members, provided at least one person is paying social security contributions) or for whom the contribution is paid by the government. Free medical services are prevention and early detection of diseases medical treatments: general practitioner, dentist, outpatient and inpatient hospital treatment other treatments: birth, medical rehabilitation, medical transport and emergency. Employee Benefits Reference Manual Swiss Life Network

3 Private Benefit Plans Private Benefit Plans consist of voluntary schemes, provided by Voluntary Mutual Pension Funds (VMPF). Eligibility A VMBF is established by at least 15 individuals founding a general assembly that comprises only the members of the fund. Retirement Age Same as for the state pension Members of a voluntary pension fund can decide after a 10-year waiting period to continue to pay member contributions to the fund to take the savings from their account (either partly or totally). Contributions Contributions to compulsory private pension funds (CPPF) are suspended and transferred to the state pension fund. For CPPF members, the 27% contributions paid by employer are transferred to the state pension system and the 10% contributions paid by employee are transferred to compulsory private pension fund. New rules for CPP funds from 2015: the fund should be closed if the rate of members paying contributions in less than 70% in 2 months for within 6 months average. Contributions to voluntary pension funds can be paid by the employer and / or employee. VMP Funds are cost and tax effective way of employees compensation. Employers typically pay contributions between 2-6% of salary to funds, and employees are required to pay about the half of employer s contribution (1-3%) Non-contributory for employees if scheme is Group Life only. Companies can choose among many Group Accident and Life insurance proposals offered by most insurance companies. Insurance premiums to group life and accidental plans are usually paid fully by the employer. Retirement Benefits Disability Benefits Death Benefits Medical Benefits Usually lump sum is paid at normal retirement age and can be paid as an annuity according to the decision of the beneficiary (employee). Whether caused by accident or illness, benefit amounts to 40% of salary and is paid till age 65. Only in the event of total disability according to the definition of social security categories 1 and 2. Lump sums are often provided, usually as a multiple of salary. Normally no pensions only lump sums, usually as a multiple of salary. Many companies grant free medical consultations/examinations within the company or in clinics. The new tax and cost effective options for companies are service-based health insurance packages, and the medical examinations at medical specialists and hospital care offered by them. Employee Benefits Reference Manual Swiss Life Network

4 Taxation Employer Contributions Employee Contributions Benefits Social security contributions are regarded as business expenses for the employer. Voluntary contributions paid by the employer to voluntary pension funds are tax-free up to 50% of the official minimum salary (per insured person, i.e. HUF 52,500 per month, maximum HUF 200,000 per year) and up to 30% of the minimum salary for health funds (HUF 31,500 per month, maximum HUF 450,000 per year). Changes in taxation from 2013: Generally the insurance premiums for the employee paid by employer as the allowance - are taxed. The risk life insurance premiums without maturity payment and without surrender value paid by employer are tax -free up to 30% of the official minimum salary (the premium per insured person in case of group insurance) The risk life insurance premiums with premium return to the employee (especially non-claim bonus) over 30% of insurance premium paid by employer are taxed (51.1% = 19% personal income tax % health contribution). The regular premiums of whole life insurances with surrender value are tax-free (from 1st January 2018 the tax-free status of whole life insurance will be cancelled and 51,17% tax should be paid as another benefit) the single and extra premiums are taxed. The surrender value of whole life insurance are taxed (personal income tax + health contribution): 39.5% (=12.5% personal income tax + 27% health contribution) within 10 years, 26.5% (=12.5% personal income tax +14% health contribution) after 10 years The unit-linked and saving life (group or individual) insurance premiums are taxed (51.17%), and in case of surrender the interest on saving is taxed (16%) Accident and health insurance premiums paid by the employers are tax-free without limitation There is 16% flat rate in personal income tax. (The government promises the further decrease to 9% in this 4-years term). The risk life, accident and health insurance premiums are tax-free without limitation. Voluntary scheme: 20% of contributions are deductible up to a maximum of HUF 150,000 per annum for pension and health contributions and up to a maximum of HUF 280,000 per annum paid for pension insurance, pension saving account and for funds together. All social security cash benefits are taxed as income with the exception. Retirement pension and rehabilitation or disability pension are tax-free. The taxation of interest on saving is changed in (in correlation with Long-term Investment Account system): Tax rate of interest on savings: 16%+ 6% (health contribution) Single premium payment 50% tax advantage in 3-5 years 100% tax advantage over 5 years Regular premium payment 50% tax advantage in 6-10 years 100% tax advantage over 10 years Employee Benefits Reference Manual Swiss Life Network

5 II INTRODUCTION Country Statistics Population/ growth rate 9,877 thousand (in 2014) / -0.3% (2014/2013) Age structure 0-14 years: years: years: years: 65 years and over: 14.8% 11.9% 41.6% 14.2% 17.5% (2013 est.) GDP GDP growth rate Agriculture Industry Services HUF 29,078 billion / EUR billion (2013) 3,5% (2014) 3.3% 27.6% 69.1% (2012 est.) Unemployment rate 7.7% (2014) Inflation rate -0,9%% (2014) Annual gross salary * In HUF ( 000) Para-professionals Professionals Management General: 2,641 Junior: 5,385 Lower middle: 12,043 Skilled: 3,772 Senior: 7,690 Upper middle: 18,597 Legal minimum wage Exchange rate on February 27, Currency: Hungarian Forint HUF 105,000/month (2015) 1 HUF = USD 1 HUF = EUR *Source: Mercer s International Geographic Salary Differentials, Edition 2015 Legislation and Insurance Market Update in Brief For private pension insurance after 1st January 2014, 20% of paid premium is deductible up to a maximum of HUF 130,000. From 1st January 2015 commission can be paid for life insurance up to 116% in 1st year and 100% in following years. New Law about insurers and insurance activity from 2016: Life insurance with insured periods longer than 6 months can be cancelled within 30 days without any explanation. Life insurance shorter than 6 months cannot be cancelled. Insurers have to accept client complaints made personally during working days from 8: , via phone on one of the working days 8:00-20:00 too, and online permanently. Insurers have to answer within 30 days. Before writing life insurance policies, the insurer is obliged to assess the client's needs. This obligation of assessment is transferred to brokers. The liability of multiple agents (who can sell products of different insurers) changed: they have to contract a liability insurance with a limit of EUR 1,251,000 per claim. If an investment fund offered by an insurer is yield guaranteed, then it automatically includes capital guarantee. The insurers are entitled to free investment, and they can invest in any investment assets. But the insurer cannot purchase its own securities or securities issued by a related company. Employee Benefits Reference Manual Swiss Life Network

6 III SOCIAL SECURITY Background Information By the 1990s, it had become clear that the whole pension system needed radical reform. The pay-as-you-go system imposed a huge burden on the budget due to unfavourable demographic development. This led to the introduction of the funded system and indirectly to the foundation of private pension funds. The law of 1996 regulates the operation of insurance companies and insurance activity. The main features are as follows: loosening of a priori and tightening of a posterior control, separation of life and non-life branches, lowering the capital requirements for insurance companies, obligatory profit sharing for savings products, and control over investments of the technical reserves and part of the solvency margin. Old age pensions are made up of three pillars: Benefits from the pay-as-you-go state system of social security Benefits based on funds from voluntary private pension funds (MPFs or Mandatory Supplementary Pension Schemes) Private coverage (VMBFs or Voluntary Private Pension Schemes) and private life insurance Employees can join a voluntary private pension fund On October 2010, the Hungarian Prime Minister Viktor Orbán suspended the payments into the compulsory secondpillar (occupational) pension funds (CPPF) as from November 1, This was in response to stringent deficit targets imposed by the IMF and the European Union. Instead, payments were redirected to the government-run first pillar (a traditional defined benefit, pay-as-you-go system). Members who decided to remain in the private funds do not receive any government pension. Eligibility All legally employed persons and all contributing citizens, including the self-employed, are eligible to receive social security benefits. Contributions There is no ceiling (upper limit) for employee pension contribution since There is no ceiling for employee contributions to health insurance, and there is also no ceiling for employer contributions (neither pension nor health care). % of salary Employee Employer Pension 10% 24% Health Care & Labour 7% Health Care and 1.5% Labour 3% Health Care and 1,5% Labour Early Retirement - - Total 18.5% 28,5% Citizens who are not insured have to pay HUF 6,930 (HUF 231/day) health contribution per month. Retirement Benefits Retirement Age For old-age retirement there are 3 kinds of possibilities: 1. normal / full old-age pension 2. part of the old-age pension 3. women reduced old-age pension Employee Benefits Reference Manual Swiss Life Network

7 The government has cancelled other pension benefits such as the disability pension, early retirement, and reduced early retirement. Normal retirement: both for men and women Age 62 M/F born before January 1, 1952 Age days born in 1952 Age 63 born in 1953 Age days born in 1954 Age 64 born in 1955 Age days born in 1956 Age 65 born in 1957 or after Early retirement is not possible anymore. Qualifying Conditions At least 20 years of employment are necessary to receive a full old age pension. The amount of pension depends on the length of service and earnings from Retirement Benefits Old age retirement pension is calculated in three steps: The average monthly gross salary is calculated for each year. Each year the average is multiplied by a valorisation multiplier, reflecting the inflation at that time. The valorisation multiplier in 2014 Year Multiplier Year Multiplier Year Multiplier Year Multiplier , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,365 Employee Benefits Reference Manual Swiss Life Network

8 Percentage of salary based on years of service Years of service % of monthly salary Years of service % of monthly salary Years of service % of monthly salary % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % For each additional year plus 2.0%. A decreasing percentage of the pension basis monthly salary is calculated into the monthly pension: Amount (HUF) Calculation basis % 0 372, % 372, ,000 90% 421,000 and above 80% The minimum old age pension is HUF 28,500 per month. The pension basis monthly salary is taken as the basis, and a percentage of the basis is paid according to the years of service. The basis of calculation is the gross salary minus the personal income tax. Pensions are free from personal income tax. After 2013 the calculation of the old age pension will be changed and mutual pension funds will begin to finance part of the pension for its members. The governmental social security will provide full pensions for those who are not members of mutual funds and partial pensions for those who are members of different funds. Disability Benefits Called Rehabilitation Benefits since 2012 Qualifying Conditions The system of disability allowance totally changed in The earlier disability benefit under the age limit has changed for rehabilitation and disability benefits and over the age limit it has changed for retirement pension benefit. Rehabilitation benefit is paid to those whose employability can be restored and who are disabled 60% or less (B1 or C1) and younger than 57. The rehabilitation allowance is paid for the period of the rehabilitation, but for a maximum of 3 years. The monthly rehabilitation benefit depends on the degree of disability. If the employee can be rehabilitated, then the rehabilitation benefit is 35% of the average salary the minimum is 30% and the maximum is 50% of the official minimum salary. If permanent rehabilitation is necessary then the rehabilitation benefit is 45% of the average salary the minimum is 40% of the official minimum salary and the maximum is 50% of the official minimum salary. The rehabilitation benefit must be increased according to the regulation of pension increase. Employee Benefits Reference Manual Swiss Life Network

9 Disability benefit is paid to those whose rehabilitation is not recommended (B2, C2 and D) or who are older than 57 (independent of their disability category). The amount of disability benefit depends on the degree of disability. The following applies: Disability of 50% to 60%: disability benefit is 40% of the average salary the minimum is 30% and the maximum 45% of the official minimum salary Social security disability category III: disability benefit is 60% of the average salary the minimum is 45%,the maximum 150% of the official minimum salary Social security disability category II: disability benefit is 65% of the average salary the minimum is 50%, the maximum 150% of the official minimum salary Social security disability category I: disability benefit is 70% of the average salary the minimum is 55%, the maximum 150% of the official minimum salary. The disability benefit must be increased according to the regulation for the increase of pensions. Death Benefits Qualifying Conditions Widow s/widower s pension is payable to the surviving spouse, divorced spouse or common-law spouse. Widow s/widower s pension can be temporary or permanent. Benefits The temporary spouse s pension amounts to 60% of any pension that was due, or would have been due to the deceased. If the surviving spouse has at least 2 children the temporary benefit is paid for as long as they study. The permanent spouse s pension also amounts to 60% if the person entitled to it does not possess a pension in their own right. In all other cases, the permanent spouse s pension is 30% of the pension rights of the deceased person. Orphan s Pension: 30% of the deceased s pension is paid for each orphan below age 16 (age 25 if in full-time education, no limit if disabled); an orphan or semi-orphan with a disabled surviving parent receives 60% of the highest pension of either parent. Parent s Pension: Paid to parent or grandparent, who was disabled or over the age of 65 at the time of the child s or grandchild s death, and the child or grandchild took care for his or her parent and grandparent in last year. The sum of parent s pension is equal with spouse s pension. If more people are entitled for parent s pension, it is split among them. Accidental survivor s pension: Paid to the survivors, if the insured died in accident at working. The sum of accidental survivor s pension is equal with 60% of average salary and increased by percentages according to the number of service year. Sickness Benefits Qualifying Conditions See Disability Benefits (Rehabilitation Benefits). Sick Leave Benefits A sickness benefit of 50% of earnings is paid out to an eligible and hospitalised recipient. Sickness benefit (for a recipient who is not hospitalised) is 60% of earnings of monthly average on last 180 days from 1st January 2015 up to 200% of the official minimum salary (HUF 7100 per days) if continuous employment lasted at least 2 years before Employee Benefits Reference Manual Swiss Life Network

10 sickness occurred. The sickness benefit is payable for a maximum of 1 year, or for the duration of continuous employment preceding the illness, if less. Sickness benefit is also paid for the following: pregnancy where the insured is not entitled to maternity allowance for mothers breast-feeding a hospitalised child older than age 1 for caring for a sick child younger than age 12. The duration of benefits varies according to the sick child s age and the parents marital status. Medical/Health Benefits Qualifying Conditions Entitlement to free medical care depends on the payment of contributions. Free medical care is provided to all family members, provided at least one person is paying social security charges. Benefits The level of traditional health care in Hungary is average by European standards. The following benefits are provided free of charge by the public health system in reverse of the obligatory social security contribution: general and specialist care, hospitalisation, sanatorium (only partly) and spa treatment, maternity care, partial costs of medication, equipment as well as travel expenses. There is no limit on the duration of benefits paid. All benefits are extended to the dependants of the insured. Still, due to the urgent need for a higher level of services, many private clinics and treatment centres have opened since Work Injury Benefits Qualifying Conditions If loss of working capacity of at least 67% occurs as a consequence of an occupational injury, a pension benefit becomes due. There is no minimum qualifying period. Benefits Benefits are paid for occupational diseases, governed by legally binding rules set by the National Health Insurance Fund. Accidents that occur while commuting to and from work are covered. There are no special provisions for work-related death and sickness benefits. In case of work-related disability the benefit amounts to 70%, 65% or 60% of average salary according to the degree of disability and is increased by 1% for each year of service. Category 1: entirely disabled and dependant on others Category 2: entirely disabled, but not dependant on others Category 3: partially disabled loss of working capacity of 67% but not fully disabled. Unemployment Benefits Qualifying Conditions Unemployment coverage extends to all wage-earners and salaried employees. In order to qualify for full unemployment benefit the insured must have been employed 365 days during the last 4 years before loss of employment. Employee Benefits Reference Manual Swiss Life Network

11 Benefits Unemployment benefit (jobseekers allowance) is paid up to 3 months, in the 1st month the benefit is 90% of average salary, in the 2nd month 80% and in the 3rd month 70%. The minimum is 60% of the official minimum salary, and the maximum is 100% of the official minimum salary (HUF 105,000 in 2015). Other Benefits Maternity Leave Benefit The mother is entitled to maternity leave benefit if she was insured and had earnings for at least 365 days within 2 years before delivery. The amount is 60% of her daily average earnings, and the period is 168 days. Lump Sum Maternity Aid If the mother is entitled to free pregnancy care and participates in the programmes regularly, a lump sum maternity grant of HUF 64,125 is due and HUF 85,500 for twins. Child Care Allowance (GYED) If the child is under 2 and the parent staying at home has paid contributions to the national insurance, a child care allowance of 70% of the parent s salary is due. This amount cannot exceed 70% of twice the official minimum salary- Child Care Aid (GYES) A parent is entitled to sick care aid for a child if the child is between the age of 2 and 3, or if there is a permanently sick child between the age of 3 and 12. The monthly amount is HUF 28,500. The period during which child care aid is paid is considered as a service period. Entitlement ceases after the 3rd birthday of the child (12th birthday of a permanently sick child). The recipient must pay 6% of the amount as a contribution to national insurance. The employer does not pay additional social security contributions. Family Allowance A parent is entitled to family allowance if a child is brought up in the household and under school age or if the child is permanently sick. Schooling Allowance A parent is entitled to schooling allowance if a child is raised in that household, is in school age or older, in a public education institution and under 20 years of age. An orphan is entitled to schooling allowance if they are under 20 and a student at a public educational establishment. Monthly amounts of family allowance: Employee Benefits Reference Manual Swiss Life Network

12 Per Child Family with one child HUF 12,200 Single parent with one child HUF 13,700 Family with two children HUF 13,300 Single parent with two children HUF 14,800 Family with three or more children HUF 16,000/child Single parent with three or more children HUF 17,000/child Permanently sick child HUF 23,300 Single parent with permanently sick child HUF 25,900 Taxation Social security contributions are regarded as business expenses for the employer and are tax-deductible for the employee. All Social security benefits are taxed as income with the exception of old age and disability pensions. Other Information Reciprocal Social Security Agreements Austria, Bulgaria, Canada, Croatia, Germany, India, Japan, Korea (Republic), Moldova (Republic), the Netherlands, Romania and Switzerland. Employee Benefits Reference Manual Swiss Life Network

13 IV PRIVATE BENEFIT PLANS Background Information The law on Voluntary Mutual Benefits Funds (VMBF) allows the establishment of funds for the provision of benefits in addition to social security. A VMBF can be a supplementary pension fund, a mutual aid fund providing benefits on unemployment, disability or death, or a health fund. By the beginning of 2007, after a wave of mergers and acquisitions, there were 190 VMBFs operating on the market. While the provision of voluntary pension benefits is already quite wide-spread in the market, voluntary health funds are becoming more popular at present and the increasing popularity of voluntary aid funds is expected in the near future. The law of 1996 regulates the operation of insurance companies and insurance activity. The main features are as follows: loosening of a priori and tightening of a posterior control, separation of life and non-life branches, lowering the capital requirements for insurance companies, obligatory profit sharing for savings products, and control over investments of the technical reserves and part of the solvency margin. Typical Group Life and Accident Plan A typical group life and accident product contains pure risk coverages, renewable yearly. Such a plan would consist of the benefits presented in this section. All benefits are paid in the form of a lump sum, but may be converted into an annuity. The sum insured can either be a fixed amount or a multiple of annual salary. 1 to 2 times annual salary is often chosen. Accident insurance provides worldwide coverage. Eligibility A VMBF is established by at least 15 individuals founding a general assembly that comprises only the members of the fund. An employer can participate either as an employer member or as a supporter. An employer member pays the membership dues or contributions of all members as determined in an agreement between the employer and the fund. As a supporter, the employer can make regular or one-off donations to the fund and specify how they are to be used. Individual accounts must be set up for each member and additional voluntary contributions are permitted. Contributions Voluntary Mutual Pension Funds are well-recognised by the employers as a cost and tax effective way of compensation. Employers with 10 to 50 employees typically pay regular contributions (expressed in percentage of salary) to an open, multi-employer fund usually backed by financial institutions (banks or insurance companies). Typically, the employer contribution to VMPF varies from 2% to 6%. Generally employees are required to pay about half of employer s contribution, varying from 1% to 3%. Contributions to group life and accidental plans are usually paid fully by the employer. Employee Benefits Reference Manual Swiss Life Network

14 Retirement Benefits Retirement Age Normal retirement: as for state pension age Benefits Benefits from a pension VMBF are only payable after a 10-year mandatory membership period, or attainment of normal retirement age. Benefits paid before retirement must be paid as a lump sum, which is then treated as taxable income, or transferred into another pension scheme. Disability Benefits Accidental Disability Permanent disability due to accident is covered. A partial sum insured is paid as a benefit depending on the degree of disability. For total permanent disability, the full sum insured is paid as a benefit. Coverage is available for 24 hours. Accidental Disability in Service This coverage is the same as for accidental disability, however for working hours only. Temporary disability due to an accident during working hours is covered. Temporary disability is defined as 28 days spent at home, or in the hospital due, to accident. A physician s certificate is required. Only a lump sum benefit is available. Disability Lump Sum Benefit Permanent total disability due to sickness or accident is covered. Disability Pension Benefit In case of disability due to accident or sickness, 40% of the annual salary (13x monthly base salary) is payable as an annual pension for as long as the disability continues, or up to age 60. Disability means permanent total disability in disability groups 1 and 2 according to the definition of the Hungarian Social Security Administration. Death Benefits Death due to any cause Death due to any cause is normally insured. The full sum insured is paid as a benefit. Premium waiver for disability is available. Accidental Death The sum insured is paid as a benefit if death occurs due to an accident and within one year after this accident. Coverage is available for 24 hours. Accidental Death in Service Same as accidental death. Coverage extends to working hours only. Employee Benefits Reference Manual Swiss Life Network

15 Medical/Health Benefits In order to satisfy market demands, insurance companies introduced a wide range of sickness insurances. Market demand was caused by the fact that individuals with high income had to suffer a significant loss during the sickness period. Most popular services are: Sickness hospitalisation coverage Sickness operation coverage Sickness recovery coverage Permanent sickness coverage Dread disease coverage The insurance service might be individual or group. According to the present law, if hospitalisation, operation, recovery, permanent disability coverages etc. are due to an accident, all care costs incurred are deductible and tax free. If these costs are due to sickness, the employer must pay social security contributions and the employee is charged for the premium through personal income tax. Other Benefits Daily Hospital Allowance If hospitalisation of at least 5 days occurs due to accident, a daily allowance according to the daily sum insured becomes due. The daily benefit is paid for a maximum of 50 days. Taxation Contributions to non-compulsory employee benefit plans are paid in full by the employer and are considered as business expenses. For the employee, employer contributions to savings policies are considered taxable salary; employer contributions to risk policies are not considered part of taxable income. Long-term savings policies are eligible for preferred tax-treatment. However, the employer must pay social security contributions on the premium when it is considered taxable income for the employee: The risk life insurance premiums without maturity payment and without surrender value paid by employer are tax-free up to 30% of the official minimum salary (the premium per insured person in case of group insurance) The risk life insurance premiums with premium return to the employee (especially non-claim bonus) over 30% of insurance premium paid by employer are taxed (51.1% = 19% personal income tax % health contribution). The regular premiums of whole life insurances with surrender value are tax-free till 2018, but the single and extra premiums are taxed. The surrender value of whole life insurance are taxed (personal income tax + health contribution): 39.5% (=12,5% personal income tax + 27% health contribution) within 10 years, 26.5% (=12.5% personal income tax +14% health contribution) after 10 years The unit-linked and saving life (group or individual) insurance premiums are taxed (51.17%), and in case of surrender the interest on saving is taxed (16%) Accident and health insurance premiums paid by the employers are tax-free without limitation On long-term saving policies the following tax preferences apply for employees: If employer contributions are paid to an insurance company for an individual pension insurance 20% of the annual premium (maximum HUF 1300,000) can be deducted from the personal income tax of the employee. If employer contributions are paid to a pension scheme, 20% of the annual premium (maximum HUF 150,000) can be deducted from tax. If employer contributions are paid to a voluntary pension scheme, 20% of annual premium (maximum HUF 150,000) can be deducted from the tax. Employee Benefits Reference Manual Swiss Life Network

16 Double Taxation Agreements Albania, Armenia, Australia, Austria, Azerbaijan, Bahrain, Belarus, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, Canada, China, Chinese Taipei, Croatia, Cyprus, the Czech Republic, Denmark, Egypt, Estonia, Finland, Former Yugoslav Republic of Macedonia, France, Georgia, Germany, Greece, Hong Kong, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Korea (Republic), Kosovo, Kuwait, Latvia, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Moldova, Mongolia, Montenegro, Morocco, the Netherlands, Norway, Pakistan, the Philippines, Poland, Portugal, Qatar, Romania, Russia, San Marino, Saudi Arabia, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Tunisia, Turkey, the Ukraine, the United Arab Emirates, the United Kingdom, the United States of America, Uruguay, Uzbekistan and Vietnam. Employee Benefits Reference Manual Swiss Life Network

All persons gainfully employed under age 60. Self-employed are covered also.

All persons gainfully employed under age 60. Self-employed are covered also. Prepared by First Life Financial Company. I SUMMARY Social Security Eligibility Retirement Contributions All persons gainfully employed under age 60. Self-employed are covered also. 60M/F To Social Security:

More information

Retirement pension: percentage of final pensionable salary based on the number of completed years of service

Retirement pension: percentage of final pensionable salary based on the number of completed years of service Prepared by Dubai Insurance Company. I SUMMARY Social Security Eligibility UAE nationals in private or public employment Retirement Age 60M/F for Emiratis and 65 for Non-Emiratis Contributions Contributions

More information

AUSTRIA SUMMARY. Social Security. Prepared by WIENER STÄDTISCHE Versicherung AG.

AUSTRIA SUMMARY. Social Security. Prepared by WIENER STÄDTISCHE Versicherung AG. Prepared by WIENER STÄDTISCHE Versicherung AG. I SUMMARY Social Security Eligibility Retirement Age Contributions All persons earning more than EUR 405.98 per month. (EUR 5,683.72 per annum 2015) 65M/60F.

More information

All persons with permanent residence, including foreigners with a minimum of 3 years Eligibility residence.

All persons with permanent residence, including foreigners with a minimum of 3 years Eligibility residence. Prepared by Ilmarinen and Mandatum Life. I SUMMARY Social Security The National Pension Scheme All persons with permanent residence, including foreigners with a minimum of 3 years Eligibility residence.

More information

All employees, cooperative farmers and self-employed persons.

All employees, cooperative farmers and self-employed persons. Prepared by Kooperativa pojišťovna. I SUMMARY Social Security Eligibility Retirement Age All employees, cooperative farmers and self-employed persons. Retirement age for men and women (irrespective of

More information

Employee: 9.75 % of gross monthly salary Employer: 12.25% of gross monthly salary depending on type of industry No salary ceiling.

Employee: 9.75 % of gross monthly salary Employer: 12.25% of gross monthly salary depending on type of industry No salary ceiling. Prepared by Mapfre Panama. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Disability All private and public employees. 62M/57F Employee: 9.75 % of gross monthly salary Employer:

More information

65M/F, if born before 1947 or after very long insurance duration (45 years); increasing to 67M/F, if born after 1963

65M/F, if born before 1947 or after very long insurance duration (45 years); increasing to 67M/F, if born after 1963 Prepared by Swiss Life Germany. I SUMMARY Social Security Eligibility All gainfully employed persons, except those employed with a salary of less than EUR 450 per month and persons with occasional earnings

More information

All employees and wage earners of industrial and commercial companies with 1 or more staff members.

All employees and wage earners of industrial and commercial companies with 1 or more staff members. Prepared by Bangkok Life Assurance. I SUMMARY Social Security Eligibility Retirement Age Contributions All employees and wage earners of industrial and commercial companies with 1 or more staff members.

More information

The system is funded by contributions from employers, employees and the self-employed.

The system is funded by contributions from employers, employees and the self-employed. Prepared by Danica Pension. I SUMMARY Social Security Eligibility Normal Retirement Age Contributions Essentially all residents. 65M/F The system is funded by contributions from employers, employees and

More information

60M/55F subject to a minimum participation of 1 year.

60M/55F subject to a minimum participation of 1 year. Prepared by TransGlobe Life. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Labour Insurance Programme (LI) applies to companies with 5 or more staff above age 15 and under

More information

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The Italian Social Security

More information

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50. Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***

More information

Permanent: 90% of average daily wages. Permanent Partial: Proportionate to degree of disability.

Permanent: 90% of average daily wages. Permanent Partial: Proportionate to degree of disability. Prepared by Hong Leong Assurance. I SUMMARY Social Security Eligibility All employees as of age 18. Retirement Age Contributions Retirement Disability 55M/F SOCSO (Social Security Act): employer 1.75%

More information

CHILE SUMMARY. Social Security. Prepared by Swiss Life Network.

CHILE SUMMARY. Social Security. Prepared by Swiss Life Network. Prepared by Swiss Life Network. I SUMMARY Social Security Eligibility All persons gainfully employed after January 1, 1983, and all those who contributed to the old system. Self-employed persons may also

More information

World Consumer Income and Expenditure Patterns

World Consumer Income and Expenditure Patterns World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria Income

More information

All non-agricultural employed persons. Farmers and some professionals are covered by different social insurance schemes.

All non-agricultural employed persons. Farmers and some professionals are covered by different social insurance schemes. Prepared by Compensa TU na Życie S.A. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Benefits All non-agricultural employed persons. Farmers and some professionals are covered

More information

Spouse s pension: 50% of disability pension on total disability plus 20% for each child, payable up to age 16. Full orphans receive 30%.

Spouse s pension: 50% of disability pension on total disability plus 20% for each child, payable up to age 16. Full orphans receive 30%. Prepared by Seguros Inbursa. I SUMMARY Social Security Eligibility Retirement Age Contributions Any person in private employment is eligible. Special systems apply to government employees, workers in the

More information

Work Injury: Benefits, 2010

Work Injury: Benefits, 2010 Austria Belgium Temporary disability The insured receives the cash sickness benefit until a decision on permanent disability is made. The employer pays 100% of earnings for up to 12 weeks (plus additional

More information

Malta Companies in International Tax Structuring February 2015

Malta Companies in International Tax Structuring February 2015 INFORMATION SHEET No. 126 Malta in International Tax Structuring February 2015 Introduction Malta is a reputable EU business and financial centre with an attractive tax regime and sound legislative framework.

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Data from 2008 or latest available year. 1. Ratio of over 65-year-olds the labour force. Source: OECD, various sources. COUNTRY PENSION DESIGN STRUCTURE

More information

Contributions Employer contributions only with 30% of payroll up to RUB 624,000.

Contributions Employer contributions only with 30% of payroll up to RUB 624,000. Prepared by Rosgosstrakh-Life. I SUMMARY Social Security Eligibility All employed persons and their dependants. Retirement Age 60M/55F Contributions Employer contributions only with 30% of payroll up to

More information

Social security: All residents in Denmark. Supplementary pension scheme (ATP): All wage earners aged between 16 and retirement age.

Social security: All residents in Denmark. Supplementary pension scheme (ATP): All wage earners aged between 16 and retirement age. Prepared by PFA Pension and Danica Pension. I SUMMARY Social Security Eligibility Social security: All residents in Denmark. Supplementary pension scheme (ATP): All wage earners aged between 16 and retirement

More information

Eligibility All residents aged 20 and over. Employed persons as of age 17.

Eligibility All residents aged 20 and over. Employed persons as of age 17. Prepared by Swiss Life. I SUMMARY Social Security Eligibility All residents aged 20 and over. Employed persons as of age 17. Retirement Age Contributions Retirement Disability 65M/64F For employed persons:

More information

TRANSFERS FROM AN OVERSEAS PENSION SCHEME

TRANSFERS FROM AN OVERSEAS PENSION SCHEME PENSIONS PROFILE DECEMBER 2011 TRANSFERS FROM AN OVERSEAS PENSION SCHEME = Summary A simplified guide to the process: 1. Individual requests transfer from their overseas pension scheme to their UK registered

More information

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN THE UNITED KINGDOM

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN THE UNITED KINGDOM PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN THE UNITED KINGDOM Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The UK Social

More information

EMEA BENEFITS BENCHMARKING OFFERING

EMEA BENEFITS BENCHMARKING OFFERING EMEA BENEFITS BENCHMARKING OFFERING COVERED COUNTRIES SWEDEN FINLAND NORWAY ESTONIA R U S S I A DENMARK LITHUANIA LATVIA IRELAND PORTUGAL U. K. NETHERLANDS POLAND BELARUS GERMANY BELGIUM CZECH REP. UKRAINE

More information

Conditions for entitlement to disability benefits, 2013

Conditions for entitlement to disability benefits, 2013 Austria Belgium Bulgaria Croatia Cyprus Reduction in capacity for work of 50%. Reduction of capacity for work of at least 66%. 50% reduction in working capacity/degree of disability. More than 50% reduction

More information

Consolidated International Banking Statistics in Japan

Consolidated International Banking Statistics in Japan Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector

More information

MALTA TRADING COMPANIES IN MALTA

MALTA TRADING COMPANIES IN MALTA MALTA TRADING COMPANIES IN MALTA Trading companies in Malta 1. An effective jurisdiction for international trading operations 410.000 MALTA GMT +1 Located in the heart of the Mediterranean, Malta has always

More information

Between 70% and 100%, depending on type of retirement and duration of contributions.

Between 70% and 100%, depending on type of retirement and duration of contributions. Prepared by Icatu Seguros. I SUMMARY Social Security Eligibility Retirement Age All gainfully employed persons. Normal retirement: After 35M/30F years of contributions (long service). Old age retirement:

More information

GfK PURCHASING POWER INTERNATIONAL

GfK PURCHASING POWER INTERNATIONAL GfK PURCHASING POWER INTERNATIONAL 1 Agenda 1. Europe 3 2. Americas 45 3. Asia & Near East 54 4. Afrika 66 5. Australia 68 6. Overview of countries and available levels 70 2 2 EUROPE 4 GfK

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Slovakia General the social security coverage is based on occupational activity, not residence

Slovakia General the social security coverage is based on occupational activity, not residence Slovakia General In Slovakia, the social security coverage is based on occupational activity, not residence. The social security system falls under the competence of the Ministry of Employment, Social

More information

Appendix 1: Full Country Rankings

Appendix 1: Full Country Rankings Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable

More information

Tax Concessions for Older People in OECD Countries, 2010

Tax Concessions for Older People in OECD Countries, 2010 Austria Belgium Czech Republic Tax credit of EUR 400 for low pension income up to EUR 17,000; the tax credit is fully phased out once pension income equals EUR 25,000. pension income of maximum EUR 1,901.19.

More information

Flexible retirement age 55-60M/F

Flexible retirement age 55-60M/F Prepared by PT Avrist Assurance. I SUMMARY Social Security Eligibility Retirement age All employees in companies with a) 10 or more staff, or b) with total monthly salaries of IDR 1,000,000 or more. The

More information

MALTA TRADING COMPANIES

MALTA TRADING COMPANIES MALTA TRADING COMPANIES Malta Trading Companies Maltese Registered Companies and Trading Operations in Malta Malta, an EU Member State since May 2004, has developed into a leading and reputable financial

More information

Pension rules for the self-employed in the EU, 2014 a)

Pension rules for the self-employed in the EU, 2014 a) Austria Belgium Bulgaria Croatia Cyprus Austria used to have a comprehensive special scheme both for farmers and for craftsmen and retailers until 31 Dec 2004. As of 1 Jan 2005 all pension systems were

More information

Perrigo Company Acquisition of Elan Corporation plc Exchange of Perrigo common shares Frequently Asked Questions & Answers

Perrigo Company Acquisition of Elan Corporation plc Exchange of Perrigo common shares Frequently Asked Questions & Answers Perrigo Company Acquisition of Elan Corporation plc Exchange of Perrigo common shares Frequently Asked Questions & Answers On November 18, 2013, Perrigo Company ( Perrigo ) announced that its shareholders

More information

The social security system is organized and implemented at national level by state bodies/ public institutions.

The social security system is organized and implemented at national level by state bodies/ public institutions. 1 March 2009 PRESENTATION OF THE CROATIAN PENSION SYSTEM Croatian social security system is mostly the insurance based, with exception of family benefits (children allowance- doplatak za djecu) and the

More information

Introducing Clinical Trials Insurance Services Ltd

Introducing Clinical Trials Insurance Services Ltd Introducing Clinical Trials Insurance Services Ltd Important Staff Richard Kelly Managing Director Richard joined CTIS in 2006 having previously managed the Pharmaceutical wholesale division at Heath Lambert

More information

Contract Work in Switzerland. A Brief Guide

Contract Work in Switzerland. A Brief Guide Contract Work in Switzerland. A Brief Guide Introduction to Swissroll There are approximately 1,000,000 foreign employees in Switzerland, 25% of which commute from outside the country. Swissroll are registered

More information

Netherlands Country Profile

Netherlands Country Profile Netherlands Country Profile EU Tax Centre March 2012 Key factors for efficient cross-border tax planning involving Netherlands EU Member State Yes Double Tax Treaties With: Albania Czech Rep. Jordan Nigeria

More information

Tble Home Team Visiting Team Home Team Visiting Team Home Team Visiting Team. Open Qualification Group A. 1st Round 2nd Round 3rd Round

Tble Home Team Visiting Team Home Team Visiting Team Home Team Visiting Team. Open Qualification Group A. 1st Round 2nd Round 3rd Round Open Qualification Group A 14th WORLD BRIDGE GAMES OPEN SERIES Group A 1 Netherlands Mexico Chile Netherlands Netherlands Denmark 2 Saudi Arabia Bosnia & Hrzna Switzerland Jordan Spain Germany 3 Korea

More information

Eligibility All residents aged 20 and over. Employed persons as of age 17.

Eligibility All residents aged 20 and over. Employed persons as of age 17. Prepared by Swiss Life Ltd. I SUMMARY Social Security Eligibility All residents aged 20 and over. Employed persons as of age 17. Retirement Age Contributions Retirement Benefits Disability Benefits Death

More information

Know the Facts. Aon Hewitt Country Profiles can help: Support a decision to establish or not establish operations in a specific country.

Know the Facts. Aon Hewitt Country Profiles can help: Support a decision to establish or not establish operations in a specific country. Aon Hewitt Country Profiles Your eguide to employment requirements and practices Profiles for nearly 90 countries worldwide Risk. Reinsurance. Human Resources. Know the Facts Whether you are a newcomer

More information

International aspects of taxation in the Netherlands

International aspects of taxation in the Netherlands International aspects of taxation in the Netherlands Individuals resident in the Netherlands are subject to income tax on their worldwide income. Companies established in the Netherlands are subject to

More information

The investment fund statistics

The investment fund statistics The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal

More information

Ireland Country Profile

Ireland Country Profile Ireland Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Ireland EU Member State Yes Double Tax Treaties With: Albania Armenia Australia

More information

Editorial for Summer Edition

Editorial for Summer Edition Editorial for Summer Edition of the SOCIETAS ET IURISPRUDENTIA 2015 Dear readers and friends, let me introduce the second issue of the third volume of SOCIETAS ET IURISPRUDENTIA, an international scientific

More information

Master's in midwifery: challenging the present, protecting the future? Valerie Fleming R.M., Ph.D.

Master's in midwifery: challenging the present, protecting the future? Valerie Fleming R.M., Ph.D. Master's in midwifery: challenging the present, protecting the future? Valerie Fleming R.M., Ph.D. Master s graduates Demonstrate knowledge and understanding that is founded upon and extends and/or enhances

More information

Employment Injuries and Occupational Diseases: Benefits (Temporary Incapacity) a), 2008

Employment Injuries and Occupational Diseases: Benefits (Temporary Incapacity) a), 2008 Austria Belgium In principle free choice. Persons insured in sickness insurance receive the benefits primarily from sickness insurance; the accident insurance fund, however, can assume the treatment at

More information

COST Presentation. COST Office Brussels, 2013. ESF provides the COST Office through a European Commission contract

COST Presentation. COST Office Brussels, 2013. ESF provides the COST Office through a European Commission contract COST Presentation COST Office Brussels, 2013 COST is supported by the EU Framework Programme ESF provides the COST Office through a European Commission contract What is COST? COST is the oldest and widest

More information

Social security and health insurance in Slovakia - your rights and duties

Social security and health insurance in Slovakia - your rights and duties Social security and health insurance in Slovakia - your rights and duties for foreigners coming to Slovakia to study, teach or carry out research. (Based on the legislation and information valid in March

More information

Greece Country Profile

Greece Country Profile Greece Country Profile EU Tax Centre March 2013 Key factors for efficient cross-border tax planning involving Greece EU Member State Double Tax Treaties With: Albania Estonia Lithuania Serbia Armenia Finland

More information

1 General facts on postings abroad and social security 2 Posting to EU or EEA countries or other agreement countries

1 General facts on postings abroad and social security 2 Posting to EU or EEA countries or other agreement countries Posting abroad 2010 Introduction This booklet is intended as a guide for employers and employees when planning a posting abroad. The booklet answers the following questions: Which country are the social

More information

Clinical Trials. Local Trial Requirements

Clinical Trials. Local Trial Requirements Clinical Trials Clinical trials insurance covers the legal liabilities of the insured in respect of clinical trials for bodily injury arising from the trial. The coverage provided by Newline is on the

More information

- 2 - Chart 2. Annual percent change in hourly compensation costs in manufacturing and exchange rates, 2010-2011

- 2 - Chart 2. Annual percent change in hourly compensation costs in manufacturing and exchange rates, 2010-2011 For release 10:00 a.m. (EST) Wednesday, December 19, 2012 USDL-12-2460 Technical Information: (202) 691-5654 ilchelp@bls.gov www.bls.gov/ilc Media Contact: (202) 691-5902 PressOffice@bls.gov INTERNATIONAL

More information

Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details

Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details White Paper Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details What You Will Learn The Cisco Global Cloud Index is an ongoing effort to forecast the growth of global data center and

More information

As of 2014, the SIC contribution will increase to. 29.2 %, capped at 48times average monthly wage per year (CZK 1,242,432 for 2013)

As of 2014, the SIC contribution will increase to. 29.2 %, capped at 48times average monthly wage per year (CZK 1,242,432 for 2013) Country Mandatory Social Security Mandatory Health Insurance (or other type if applicable) Austria 21,83% 18,07% 18,5% retirement pension ; 8,48 per month accident insurane; 7,65% health Belgium 35% of

More information

Global Dialing Comment. Telephone Type. AT&T Direct Number. Access Type. Dial-In Number. Country. Albania Toll-Free 00-800-0010 888-426-6840

Global Dialing Comment. Telephone Type. AT&T Direct Number. Access Type. Dial-In Number. Country. Albania Toll-Free 00-800-0010 888-426-6840 Below is a list of Global Access Numbers, in order by country. If a Country has an AT&T Direct Number, the audio conference requires two-stage dialing. First, dial the AT&T Direct Number. Second, dial

More information

Global Effective Tax Rates

Global Effective Tax Rates www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes

More information

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Digital TV Research http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Phone: 800.298.5699 (US) or +1.240.747.3093 or +1.240.747.3093 (Int'l) Hours: Monday - Thursday: 5:30am -

More information

International Call Services

International Call Services International Call Services Affordable rates for business calls. Wherever you are in the world. We ve got plenty to say when it comes to staying in touch when you re overseas. We have agreements with 443

More information

Ninth United Nations Survey of Crime Trends and Operations of Criminal Justice Systems POLICE

Ninth United Nations Survey of Crime Trends and Operations of Criminal Justice Systems POLICE Indicators as defined by the (- ) POLICE 2. Crimes recorded in criminal (police) statistics, by type of crime including attempts to commit crimes 2.2 Total recorded intentional homicide, completed (c)

More information

Supported Payment Methods

Supported Payment Methods Sell Globally in a Snap Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not

More information

Friends Life Protection Account Key features of Income Protection Cover

Friends Life Protection Account Key features of Income Protection Cover Protection Friends Life Protection Account Key features of Income Protection Cover Why is this document important? The Financial Services Authority is the independent financial services regulator. It requires

More information

United Kingdom. Old Age, Disability, and Survivors. United Kingdom. Exchange rate: US$1.00 = 0.64 pounds ( ). Qualifying Conditions

United Kingdom. Old Age, Disability, and Survivors. United Kingdom. Exchange rate: US$1.00 = 0.64 pounds ( ). Qualifying Conditions United Kingdom Exchange rate: US$1.00 = 0.64 pounds ( ). Old Age, Disability, and Survivors First laws: 1908 (old-age pension), 1911 (disability insurance), and 1925 (old-age and survivors insurance).

More information

Supported Payment Methods

Supported Payment Methods Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not only the major credit

More information

BT Premium Event Call and Web Rate Card

BT Premium Event Call and Web Rate Card BT Managed Event and BT Self-Managed Event (also referred to as Express, Plus and Premium) Conference Bridge and Call for Booked Audio Conferencing Services will comprise the following for each phone-conference:

More information

INTERNATIONAL COMPARISONS OF HOURLY COMPENSATION COSTS

INTERNATIONAL COMPARISONS OF HOURLY COMPENSATION COSTS For release 10:00 a.m. (EST) Tuesday, March 8, 2011 USDL-11-0303 Technical Information: (202) 691-5654 ilchelp@bls.gov www.bls.gov/ilc Media Contact: (202) 691-5902 PressOffice@bls.gov INTERNATIONAL COMPARISONS

More information

Employment Injuries and Occupational Diseases: Benefits (Temporary Incapacity) a), 2009

Employment Injuries and Occupational Diseases: Benefits (Temporary Incapacity) a), 2009 Austria Belgium In principle free choice. Persons insured in sickness insurance receive the benefits primarily from sickness insurance; the accident insurance fund, however, can assume the treatment at

More information

Summary of Social Security and Private Employee Benefits URUGUAY

Summary of Social Security and Private Employee Benefits URUGUAY Private Employee Benefits URUGUAY 2012 Your Local Link to IGP in URUGUAY: Network Partner Mapfre Uruguay Compañía de Seguros S.A. was established in 1995 and is the fourth largest insurance company in

More information

MIT U.S. Income Tax Presentation Non US Resident Students

MIT U.S. Income Tax Presentation Non US Resident Students MIT U.S. Income Tax Presentation Non US Resident Students PwC Boston Nabih Daaboul Carol McNeil Rich Wagman 1 Basic U.S. Tax Overview for International Students A foreign national is a person born outside

More information

Raveh Ravid & Co. CPA. November 2015

Raveh Ravid & Co. CPA. November 2015 Raveh Ravid & Co. CPA November 2015 About Us Established in 1986 by Abir Raveh, CPA & Itzhak Ravid, CPA 6 Partners, 80 employees Located in Tel Aviv, Israel wide range of professional services highly experienced

More information

CEA would like to address a sincere thank you note to the German Insurance Association ( GDV ) to have conducted this study on its behalf.

CEA would like to address a sincere thank you note to the German Insurance Association ( GDV ) to have conducted this study on its behalf. Tax treatment of 2 nd and 3 rd pillar pension products Introduction In the past, Life Insurance products used to benefit from a special favourable fiscal treatment. netheless, in recent years, insurance

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Guidelines for Applicants: Advanced Training Course

Guidelines for Applicants: Advanced Training Course Emerging Security Challenges Division Guidelines for Applicants: Advanced Training Course Introduction The NATO (SPS) seeks to enhance cooperation and dialogue with all partners through civil science and

More information

Australia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions

Australia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions Australia Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Old Age, Disability, and Survivors First laws: 1908 (old-age and disability) and 1942 (widows). Current laws: 1991 (social security),

More information

Health Systems: Type, Coverage and Financing Mechanisms

Health Systems: Type, Coverage and Financing Mechanisms Health Systems: Type, Coverage and Mechanisms Austria Belgium Bulgaria (2007) Czech Republic Denmark (2007) Estonia (2008). Supplementary private health Complementary voluntary and private health Public

More information

Composition of Premium in Life and Non-life Insurance Segments

Composition of Premium in Life and Non-life Insurance Segments 2012 2nd International Conference on Computer and Software Modeling (ICCSM 2012) IPCSIT vol. 54 (2012) (2012) IACSIT Press, Singapore DOI: 10.7763/IPCSIT.2012.V54.16 Composition of Premium in Life and

More information

Triple-play subscriptions to rocket to 400 mil.

Triple-play subscriptions to rocket to 400 mil. Triple-play criptions to rocket to 400 mil. Global triple-play criptions will reach 400 million by 2017; up by nearly 300 million on the end-2011 total and up by 380 million on the 2007 total, according

More information

Contact Centers Worldwide

Contact Centers Worldwide A Contact Centers Worldwide Country Tel.no. Supported lang. Contact Center Albania Algeria 852 665 00 +46 10 71 66160 Angola 89900 +34 91 339 2121 (Port) and Portuguese +34 913394044 +34 913394023 (Por)

More information

BLUM Attorneys at Law

BLUM Attorneys at Law BLUM Attorneys at Law CORPORATE TAXATION SYSTEM IN SWITZERLAND Outline of Swiss Corporate Tax System Levels of Taxation in Switzerland Resident companies are subject to: federal corporate income tax, and

More information

FDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD

FDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI performance and potential rankings Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI perfomance index The Inward FDI Performance Index ranks countries by the FDI they receive relative

More information

Employment Injuries and Occupational Diseases: Benefits (Permanent Incapacity) a), 2005

Employment Injuries and Occupational Diseases: Benefits (Permanent Incapacity) a), 2005 Austria Belgium 20% (50% for pupils and students). Accident insurance fund. Review at any time possible in the first two years; thereafter at intervals of at least 1 year. No minimum level. Employment

More information

Friends Life Protection Account Key features of Mortgage Income Protection Cover

Friends Life Protection Account Key features of Mortgage Income Protection Cover Protection Friends Life Protection Account Key features of Mortgage Income Protection Cover Why is this document important? The Financial Services Authority is the independent financial services regulator.

More information

INTERNATIONAL TRADEMARK REGISTRATION UNDER THE MADRID PROTOCOL

INTERNATIONAL TRADEMARK REGISTRATION UNDER THE MADRID PROTOCOL INTERNATIONAL TRADEMARK REGISTRATION UNDER THE MADRID PROTOCOL Presented to The American Bar Association Spring Meeting Washington, D.C., April 24, 2013 Bruce Alexander McDonald BUCHANAN INGERSOLL & ROONEY

More information

July 2015. Figure 1. 1 The index is set to 100 in 2000. House prices are deflated by country CPIs in most cases.

July 2015. Figure 1. 1 The index is set to 100 in 2000. House prices are deflated by country CPIs in most cases. July 2015 Globally, house prices continue a slow recovery. The Global House Price Index, an equally weighted average of real house prices in nearly 60 countries, inched up slowly during the past two years

More information

Dial 00-800-0010, when prompted to enter calling number, enter 800-544-6666 American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199

Dial 00-800-0010, when prompted to enter calling number, enter 800-544-6666 American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199 National Financial Services International Calling Instructions Albania 00-800-0010 Dial 00-800-0010, when prompted to enter American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199 Dial

More information

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace DSV Air & Sea, Inc. Aerospace Sector DSV Air & Sea, Inc. Aerospace Introduction to DSV DSV is a global supplier of transport and logistics services. We have offices in more than 70 countries and an international

More information

AVIATION FINANCE THE IRISH SECTION 110 REGIME

AVIATION FINANCE THE IRISH SECTION 110 REGIME AVIATION FINANCE THE IRISH SECTION 110 REGIME Ireland - A Leading Aviation Jurisdiction Ireland is one of the leading locations in the world for all forms of aircraft finance and leasing activities. This

More information

Global Network Access International Access Rates

Global Network Access International Access Rates Global Network Access International Access Rates We know that you need to communicate with your partners, colleagues and customers around the world. We make every effort to understand the difficulties

More information

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 Global salary rises up compared to last year But workers in key emerging markets will experience real wage cuts Increase in

More information

THE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY

THE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY THE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY Ideal Characteristics for the Location of an International Holding Company Laurence Binge +44 (0)1372 471117 laurence.binge@woolford.co.uk www.woolford.co.uk

More information

Region Country AT&T Direct Access Code(s) HelpLine Number. Telstra: 1 800 881 011 Optus: 1 800 551 155

Region Country AT&T Direct Access Code(s) HelpLine Number. Telstra: 1 800 881 011 Optus: 1 800 551 155 Mondelēz International HelpLine Numbers March 22, 2013 There are many ways to report a concern or suspected misconduct, including discussing it with your supervisor, your supervisor s supervisor, another

More information

Business Mobile Plans

Business Mobile Plans PRODUCT SOLUTIONS Business Mobile Plans GUERNSEY Whatever the size of your business, we can provide the ideal mobile solution for you. Our tariffs are flexible to suit all kinds of businesses and are designed

More information

Credit & Debit Card Payments. Factsheet

Credit & Debit Card Payments. Factsheet Credit & Debit Card Payments Factsheet Contents 1. Card Types... 2 2. Supported countries... 2 3. First Funding via Credit / Debit Card... 3 4. Transaction Currencies... 4 5. Currency Conversion... 4 6.

More information