Employee Benefits in the Slovakia, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in the Slovakia, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

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

• The Ministry of Labor, Social Affairs and Family, Ministry of Health, and Ministry of Finance organizations 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 Guaranteed pension fund, Progressive pension fund and Optimal pension fund.

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 employee benefits market, and their impact on companies