Employee Benefits in the Slovakia, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
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Following independence in 1993, the Slovak government reformed taxation, healthcare, pensions, and the social welfare system. These reforms helped the government to consolidate the budget and move toward joining the EU in 2004. The country also introduced several investor-friendly policies – including labor market liberalization and a flat 19% tax regime – which encouraged global investors to participate in the country’s economy until 2008: particularly in the automotive and electronic sectors.
The Slovakia employee benefits report provides insights into the wide range of employee benefits such as retirement benefits, long-term and short-term sickness benefits, and medical benefits as well as other state and private benefits offered by employers in Slovakia.
Key State and Compulsory Benefits in the Slovakia Employee Benefits Market
The key state and compulsory benefits offered by employers in Slovakia are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
Short-Term Sickness Benefits in the Slovakia Employee Benefits Market
In Slovakia, short-term sickness is an earning-related and mandatory insurance scheme and is funded by contributions paid by employers and employees. This covers all employees and self-employed persons. The system also provides special schemes for soldiers, customs officers, and people who are working for the police force.
Medical Benefits in the Slovakia Employee Benefits Market
In Slovakia, medical benefits are provided to all residents. The scheme is compulsory and is financed by contributions collected for mandatory insurance and government subsidies. The benefit provided under this head is given in the form of benefits in kind. Healthcare benefits are also given to people who are insured in the EU, EEA, or Switzerland, and who are employed with diplomatic privilege.
Workers’ Compensation Insurance in the Slovakia Employee Benefits Market
Workmen’s compensation is provided against the risk of injury or death due to work-related activities. In Slovakia, workmen’s compensation (occupational injury insurance) is a mandatory insurance scheme. It is financed by contributions paid by employers on behalf of employees. The cash benefits provided under workmen’s compensation are given following sickness benefits, invalidity benefits, and survivors’ benefits, while benefits in kind are covered by the mandatory health insurance scheme.
Maternity and Paternity Benefits in the Slovakia Employee Benefits Market
Maternity or paternity cash benefits are a compulsory social insurance scheme and are provided to employees and self-employed persons. The system also provides special schemes to soldiers, customs officers, and people working for the police force.
Key Private Benefits in the Slovakia Employee Benefits Market
The key private benefits offered by employers in Slovakia are retirement benefits, death benefits, disability benefits, medical benefits, accidental death and dismemberment benefits, and other benefits.
Retirement Benefits in the Slovakia Employee Benefits Market
Life insurance companies or pension fund management companies (PFMCs) offer solutions under the individual account system in Slovakia. Each PFMC must operate in at least two pension funds, such as a bond guaranteed pension fund or an equity non-guaranteed pension fund. Each PFMC is free to choose between the pension funds. The benefits are paid through the accumulation of contributions in the mandatory individual accounts and returns from investments in pension funds.
Medical Benefits in the Slovakia Employee Benefits Market
In Slovakia, compulsory health insurance plans cover almost the country’s entire population. There are three health insurance companies, one public, and two private, operating in Slovakia’s compulsory health insurance system. These three companies compete to sign up people, mostly based on a shorter waiting period and additional benefits. Compulsory health insurance is more prevalent than voluntary private health insurance plans in the country.
Accidental Death and Dismemberment Benefits in the Slovakia Employee Benefits Market
Employers provide accidental death and dismemberment benefits through group accident insurance plans. Through these plans, employers cover employees for 24 hours. Few large companies with more than 50 employees offer accidental death and dismemberment benefits under the group employee benefit plan.
For more insights on the employee benefits market in Slovakia, download a free report sample
Market Report Overview
Key State and Compulsory Benefits | Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Workers’ Compensation Insurance, Maternity and Paternity Benefits, and Other Benefits |
Key Private Benefits | Retirement Benefits, Death Benefits, Disability Benefits, Medical Benefits, Accidental Death and Dismemberment Benefits, and Other Benefits |
Scope
This report provides a detailed analysis of employee benefits in Slovakia –
- 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 Slovakia
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 the employee benefits market, and their impact on companies
Table of Contents
Table
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Frequently asked questions
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What are the key state and compulsory benefits in the Slovakia employee benefits market?
The key state and compulsory benefits in the Slovakia employee benefits market are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
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What are the key private benefits in the Slovakia employee benefits market?
The key private benefits in the Slovakia employee benefits market are retirement benefits, death benefits, disability benefits medical benefits, accidental death and dismemberment benefits, and other benefits.
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