Deutsch
Italiano
HRsolution » COUNTRIES »
Inhabitants:
Slovakia has around 5.4 million inhabitants (as of 2023). The population density is moderate compared to other European countries. The Slovakian population is ethnically predominantly Slovakian, with minorities such as Hungarians, Roma, Czechs and others.
Capital city:
The capital of Slovakia is Bratislava, a city of about 450,000 inhabitants. It is located on the Danube, close to the borders with Austria and Hungary.
Economic strength:
Slovakia has a modern market economy with a strong focus on the automotive and electronics industries. Major car manufacturers such as Volkswagen, Peugeot and Kia operate plants in the country, which contributes to the leading role of the automotive sector. Slovakia’s GDP is around USD 120 billion (as of 2023). The economy is also strong in other sectors such as mechanical engineering, electronics and services. Slovakia is a member of the European Union and the euro area.
Culture:
Slovakian culture is deeply rooted in Slavic tradition and has influences from Hungarian, Austrian and Czech culture. Folk art, music and dances play an important role in cultural life. Historic castles, palaces and traditional festivals such as the “Cyril and Methodius” festival (July 5) and the “Day of Slovak National Culture” are important cultural events.
Currency:
Slovakia’s official currency has been the euro (EUR) since the country joined the eurozone in 2009.
Health insurance and social security system:
Slovakia has a compulsory insurance system that covers both healthcare and social security. All employees and self-employed persons must contribute to health and pension insurance. The system provides universal access to medical services and covers unemployment insurance, pensions and disability benefits.
Cost to the employer:
Employers in Slovakia pay substantial social security contributions, which amount to approximately 35% of an employee’s gross salary. These contributions cover pensions, health insurance, unemployment and accident insurance, among other things. Employees also pay around 13% of their salary as social security contributions.
Salary and bonuses Slovakia:
In Slovakia, salaries are paid in euros and bonuses are common depending on the industry and company, especially in the automotive and financial sectors. Bonuses are often performance-related and are paid at the end of the year.
Payroll:
Payroll in Slovakia includes gross salary, deductions for taxes and social security, and any additional benefits such as bonuses or supplements. Income tax is progressive and ranges between 19 % and 25 %.
Public holidays:
There are a total of 15 public holidays in Slovakia on which employees generally have time off. Important public holidays are:
- New Year’s Day (January 1)
- Easter Monday (varies)
- Labor Day (May 1)
- Constitution Day of the Slovak Republic (September 1)
- Christmas holidays (December 24-26)
There are also religious and national holidays.
Working hours:
The standard working week in Slovakia is 40 hours spread over five days. The working time per day is usually 8 hours, with overtime being regulated by collective agreements or individual agreements.
Vacation:
Employees in Slovakia are entitled to at least 20 days paid annual leave. Employees over 33 years of age are entitled to at least 25 days. Leave can be taken by arrangement with the employer.
Incapacity for work:
In the event of incapacity for work due to illness, the employer pays sick pay for the first 10 days of the illness. After that, social insurance takes over and the employee receives sick pay, which is a percentage of their salary.
Termination/severance pay:
Slovakian labor law provides for a notice period depending on the length of service. For employees who have been employed for more than two years, the notice period is two months. Employees who have been employed for more than five years are entitled to severance pay, which also depends on the length of service.
Slovakia has a stable economic system and a highly regulated labor market that protects employee rights well.