Glorious landscapes and unique architecture
A member of the European Union, Schengen Area, and the Eurozone, Slovakia is an economy which goes from strength to strength, with automotive and machinery engineering serving as two of its primary industries.
Slovakia has one of the highest productivity rates in the world, and the labour market experiences dynamic growth every year. Slovakia is the seventh cheapest country within the European Union, and its low cost of living is one of the many factors which attracts expatriate workers and foreign investors.
On top of this, the nation’s glorious landscapes and unique architecture make it a destination of choice. Slovakia hosts several Gothic castles and churches alongside a range of stunning Roman architecture.
Working in Slovakia
Like other European nations, both employers and employees in Slovakia are expected to pay contributions on their salary to access a range of benefits. Slovakia also has a minimum wage, which currently stands at around EUR 650 per month.
Working in Slovakia can be simplified with the use of a Slovakia PEO partner such as Procorre Global. We work hard to ensure that every aspect of the global expansion journey is covered for businesses and expats.
Contributions & Taxation
- Employees are required to contribute 4% of their salary towards Health Insurance, employers must contribute an additional 10%
- Employees and employers must both contribute 1.4% of the gross salary towards Sickness Insurance, 3% towards Invalidity Insurance and 1% towards Unemployment Insurance
- Employees must contribute 4% towards their Retirement Insurance, employers must contribute 14%
- Employers are also required to contribute 0.25% towards a Guarantee Fund, 4.75% towards a Reserve Fund, and 0.8% towards Accident Insurance
- Social Security makes up the largest contribution for both parties, with employees required to contribute 9.4% and employers 25.2% respectively
- The basic income tax rate is 19%, which is applicable for a salary up to around EUR 36,256. Any income exceeding this is subject to a tax rate of 25%
Working Hours
- 40 hour working weeks are standard in Slovakia, however this may vary depending on contract specifications
- Each year, between 150 and 400 overtime hours can be worked on annually
- Higher payments are usually provided for overtime work, and this may be more if the employee has worked overtime on a public holiday
- In Slovakia, employees are entitled to a minimum 20 days of paid annual leave up until the age of 33, employees who are older than 33 receive a minimum of 25 days paid leave
- Most contracts will have a probationary 3-month period where no notice period is required. The notice period is usually 1 month within a 1-year contract, and 2 months after 1 year of employment
Cultural Information
Folk traditions and music are a key element of Slovakian culture, and the people here are extremely welcoming to expatriates. Slovakia was historically a part of Communist Czechoslovakia, which separated into the Czech Republic and Slovakia in 1993, a lot of history from this period can be discovered around Slovakia.
Most of Slovakia’s population adhere to Catholicism (around 63%), and the nation has an overall population of 5.459 million. Bratislava is the capital of Slovakia, and most of the country’s business takes place here. Slovak is the official language of Slovakia, and English speaking is continuously growing in prevalence each year.
Impacts from COVID-19
Slovakia has been successful in controlling the spread of COVID-19 during the pandemic, keeping cases low throughout its duration. Many employers and workers have opted to work from home during the pandemic, and in many industries this trend is looking likely to continue.
The Slovak Market – Did you know?
- Slovakia has 180 castles. Arguably the most stunning of which is the castle in Spiš, one of UNESCO’s World Cultural and Natural Heritage Sites
- Bratislava is the world’s only capital city which borders two countries. Slovakia’s capital shares borders with Austria and Hungary
- Slovakia holds the geographical midpoint of Europe
- Slovakia has highly accessible public transport, with train travel being free for all children, students, and pensioners in the country
Slovakia PEO Services
Slovakia PEO Services
A member of the European Union, Schengen Area, and the Eurozone, Slovakia is an economy which goes from strength to strength, with automotive and machinery engineering serving as two of its primary industries.
Slovakia has one of the highest productivity rates in the world, and the labour market experiences dynamic growth every year. Slovakia is the seventh cheapest country within the European Union, and its low cost of living is one of the many factors which attracts expatriate workers and foreign investors.
On top of this, the nation’s glorious landscapes and unique architecture make it a destination of choice. Slovakia hosts several Gothic castles and churches alongside a range of stunning Roman architecture.
Working in Slovakia
Like other European nations, both employers and employees in Slovakia are expected to pay contributions on their salary to access a range of benefits. Slovakia also has a minimum wage, which currently stands at around EUR 650 per month.
Working in Slovakia can be simplified with the use of a Slovakia PEO partner such as Procorre Global. We work hard to ensure that every aspect of the global expansion journey is covered for businesses and expats.
Contributions & Taxation
- Employees are required to contribute 4% of their salary towards Health Insurance, employers must contribute an additional 10%
- Employees and employers must both contribute 1.4% of the gross salary towards Sickness Insurance, 3% towards Invalidity Insurance and 1% towards Unemployment Insurance
- Employees must contribute 4% towards their Retirement Insurance, employers must contribute 14%
- Employers are also required to contribute 0.25% towards a Guarantee Fund, 4.75% towards a Reserve Fund, and 0.8% towards Accident Insurance
- Social Security makes up the largest contribution for both parties, with employees required to contribute 9.4% and employers 25.2% respectively
- The basic income tax rate is 19%, which is applicable for a salary up to around EUR 36,256. Any income exceeding this is subject to a tax rate of 25%
Working Hours
- 40 hour working weeks are standard in Slovakia, however this may vary depending on contract specifications
- Each year, between 150 and 400 overtime hours can be worked on annually
- Higher payments are usually provided for overtime work, and this may be more if the employee has worked overtime on a public holiday
- In Slovakia, employees are entitled to a minimum 20 days of paid annual leave up until the age of 33, employees who are older than 33 receive a minimum of 25 days paid leave
- Most contracts will have a probationary 3-month period where no notice period is required. The notice period is usually 1 month within a 1-year contract, and 2 months after 1 year of employment
Cultural Information
Folk traditions and music are a key element of Slovakian culture, and the people here are extremely welcoming to expatriates. Slovakia was historically a part of Communist Czechoslovakia, which separated into the Czech Republic and Slovakia in 1993, a lot of history from this period can be discovered around Slovakia.
Most of Slovakia’s population adhere to Catholicism (around 63%), and the nation has an overall population of 5.459 million. Bratislava is the capital of Slovakia, and most of the country’s business takes place here. Slovak is the official language of Slovakia, and English speaking is continuously growing in prevalence each year.
Impacts from COVID-19
Slovakia has been successful in controlling the spread of COVID-19 during the pandemic, keeping cases low throughout its duration. Many employers and workers have opted to work from home during the pandemic, and in many industries this trend is looking likely to continue.
The Slovak Market - Did you know?
- Slovakia has 180 castles. Arguably the most stunning of which is the castle in Spiš, one of UNESCO’s World Cultural and Natural Heritage Sites
- Bratislava is the world’s only capital city which borders two countries. Slovakia’s capital shares borders with Austria and Hungary
- Slovakia holds the geographical midpoint of Europe
- Slovakia has highly accessible public transport, with train travel being free for all children, students, and pensioners in the country
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