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Employee Benefits in Slovakia

  • January 2015
  • -
  • Timetric
  • -
  • 72 pages

Synopsis
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.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Slovakia, including:

- An overview of state and compulsory benefits in Slovakia

- Detailed information about private benefits in Slovakia

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Slovakia

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 benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, minimum resources, long-term care insurance and unemployment.

- 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 Slovakia.

- Assess Slovakia’s employee benefits market, including state and compulsory benefits and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in Slovakia.

- Gain insights into key organizations governing Slovakia’s employee benefits, and their impact on companies.

Key Highlights
- The Slovak social security system consists of four main branches: social insurance, health insurance, state social support and social assistance.

- Compulsory pension insurance consists of mandatory old-age insurance and a mandatory pension saving system.

- Private employee benefits in Slovakia are income-based. The main private benefits, including cash and non-cash services, are provided by employers. In addition, many companies in the country offer supplementary pension savings.

Table Of Contents

Employee Benefits in Slovakia
Table of Contents
1 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
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Employee and employer contributions
6.1.8 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Employee and employer contributions
6.2.6 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment option
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment option
6.5.5 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.6 Workmen's Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Typical employer practice
6.7.6 Employee and employer contributions
6.7.7 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.9.6 Taxation
6.1 Long-term care
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
6.10.6 Taxation
6.11 Unemployment
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment options
6.11.5 Employee and employer contributions
6.11.6 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical and Health Benefits
7.6 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices
8.1.3 GDP at current prices
8.1.4 GDP per capita at current prices
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Slovakia - Country Statistics
Table 3: Retirement Benefits: Assessment Base
Table 4: Minimum Insurance Period
Table 5: Short-term Sickness Benefits: Rate of Benefit
Table 6: Short-term Sickness Benefits: Assessment Base
Table 7: Maternity Benefits: Birth Grant (Lump-Sum)
Table 8: Maternity Benefits: Assessment Base
Table 9: Family Benefits: Birth Grant (Lump-Sum)
Table 10: Minimum Resources: Amount of Benefit in Material Need, 2014

List of Figures
Figure 1: Key Ministry and Organization of the Slovak Government
Figure 2: Three Pillars of the Slovak Old-Age Pension System
Figure 3: Slovak GDP at Constant Prices (US$ Billion), 2008-2012
Figure 4: Slovak GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 5: Slovak GDP at Current Prices (US$ Billion), 2008-2012
Figure 6: Slovak GDP Per Capita at Current Prices (US$), 2008-2012
Figure 7: Slovak GDP by Key Segments (%), 2008-2012
Figure 8: Slovak Inflation Rate (%), 2008-2012
Figure 9: Slovak Annual Average Exchange Rate US$-EUR, 2008-2012
Figure 10: Slovak Unemployment Rate (%), 2008-2012
Figure 11: Slovak Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 12: Slovak Gross National Disposable Income (US$ Billion), 2008-2011
Figure 13: Slovak Total Population (Million), 2008-2012
Figure 14: Slovak Size of Labor Force (Million), 2008-2012
Figure 15: Slovak Urban and Rural Population (%), 2008-2012

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