Slovakia Statutory and Private Employee Benefits, 2024 Update

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Slovakia Statutory and Private Employee Benefits Overview

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 towards joining the EU in 2004. The country also introduced several investor-friendly policies – including labor market liberalization.

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

Key Regulations ·       Law No. 461 on Social Insurance, 2003

·       Law No. 43 on Old Age Pension Savings, 2004

·       Law No. 650 on Supplementary Pension Savings, 2004

·       Law No. 355 on Protection, Support and Development of Public Health, 2007

·       Law No. 580 on Health Insurance, 2004

·       Law No. 238 on Funeral Grant, 1998

·       Law No. 5 on Employment Services, 2004

·       Law No. 447 on Financial Benefits for Compensation of Disabled Persons, 2008

·       Law No. 124 on Safety and Protection of Health at Work, 2006

·       Law No. 383 on Childbirth and Allowance for Multiple Birth, 2013

·       Law No. 600 on Child Benefit, 2003

·       Law No. 571 on Parental Allowance, 2009

·       Law No. 417 on Material Needs Assistance, 2013

·       Law No. 601 on Subsistence Minimum, 2003

·       Labor Code, 2001

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

·       Other Benefits

Key Private Benefits ·       Retirement Benefits

·       Death Benefits

·       Medical Benefits

·       Disability Benefits

·       Accidental Death and Dismemberment Benefits

·       Other Benefits

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Slovakia Employee Benefits - Regulations

Slovakia Employee Benefits – Regulations

Some of the various laws guiding employee benefits in Slovakia are:

  • Law No. 461 on Social Insurance, 2003
  • Law No. 43 on Old Age Pension Savings, 2004
  • Law No. 650 on Supplementary Pension Savings, 2004
  • Law No. 355 on Protection, Support and Development of Public Health, 2007
  • Law No. 580 on Health Insurance, 2004
  • Law No. 238 on Funeral Grant, 1998
  • Law No. 5 on Employment Services, 2004
  • Law No. 447 on Financial Benefits for Compensation of Disabled Persons, 2008
  • Law No. 124 on Safety and Protection of Health at Work, 2006
  • Law No. 383 on Childbirth and Allowance for Multiple Birth, 2013
  • Law No. 600 on Child Benefit, 2003
  • Law No. 571 on Parental Allowance, 2009
  • Law No. 417 on Material Needs Assistance, 2013
  • Law No. 601 on Subsistence Minimum, 2003
  • Labor Code, 2001

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Slovakia Employee Benefits - State and Compulsory Benefits

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.

Retirement Benefits: The Pension Act No. 43/2004 was passed on January 1, 2005 to regulate the old-age pension system in Slovakia. This system is classified into three pillars, second pillars and third pillars. The retirement age for individuals born before 1967 is 64 years, and this will remain unchanged. Starting from January 1, 2024, the retirement age for individuals born in or after 1967 will not be fixed at 64 years. It will be linked to the average life expectancy of insured individuals and will be adjusted every five years starting from 2024.

Slovakia State and Compulsory Benefits

Slovakia State and Compulsory Benefits

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Slovakia Employee Benefits - Private Benefits

The key private benefits offered by employers in Slovakia are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.

Retirement Benefits: 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.

Slovakia Private Employee Benefits

Slovakia Private Employee Benefits

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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, social inclusion programs, leaves and holidays, and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in Slovakia

Key Highlights

• The Ministry of Labor, Social Affairs and Family, Ministry of Health and Ministry of Finance 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 Slovakia, employers provide voluntary retirement benefits to their employees through individual account system.

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

  • Executive Summary

    • 2. Introduction
    • 2.1 What is this Report about?
    • 2.2 Definitions
    • 3. Country Statistics
    • 4. Overview of Employee Benefits in Slovakia
    • 5. Regulations
    • 6. State and Compulsory Benefits
    • 6.1 Retirement Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.2 Death in Service

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.3 Long-Term Disability Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.4 Short-Term Sickness Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.5 Medical Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.6 Workers’ Compensation Insurance

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.7 Maternity and Paternity Benefits

  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

    • 6.8 Other Benefits

  • – Unemployment Benefits
  • – Family Benefits
  • – Long-Term Care benefits
  • – Minimum Resources Benefits
  • – Leaves and Holidays

    • 7. Private Benefits
    • 7.1 Retirement Benefits
    • 7.2 Death Benefits
    • 7.3 Medical Benefits
    • 7.4 Disability Benefits
    • 7.5 Accidental Death and Dismemberment Benefits
    • 7.6 Other Benefits

  • About GlobalData
  • Contact Us

Table

Table 1: Insurance Industry Definitions

Table 2: Slovakia – Country Statistics, 2024

Table 3: Slovakia – Minimum Insurance Period

Table 4: Slovakia – Retirement Benefits: Assessment Base

Table 5: Slovakia – Short-term Sickness Benefits Assessment Base

Table 6: Slovakia – Maternity Benefits for Birth Grant (Lump Sum), 2024

Table 7: Slovakia – Maternity Benefits Assessment Base

Table 8: Slovakia – Family Benefits: Birth Grant (Lump-Sum), 2024

Table 9: Slovakia – Amount of Benefit in Material Need, 2024

Table 10: Slovakia – Public Holidays, 2024

Figures

List of Figures

Figure 1: Slovakia – Main Institutions of Social Security System

Figure 2: Slovakia – Three Pillars of the Slovak Old-Age Pension System

Frequently asked questions

  • What are the key regulations guiding employee benefits in Slovakia?

    Some of the various laws guiding employee benefits in Slovakia are Law No. 461 on Social Insurance, 2003, Law No. 43 on Old Age Pension Savings, 2004 , Law No. 650 on Supplementary Pension Savings, 2004, Law No. 355 on Protection, Support and Development of Public Health, 2007, Law No. 580 on Health Insurance, 2004 and Law No. 238 on Funeral Grant, 1998 among others.

     

  • What are the key state and compulsory benefits for employees in Slovakia?

    The state and compulsory benefits for employees 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.

  • What are the key private benefits for employees in Slovakia?

    The private benefits for employees in Slovakia are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.

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