GN 01753.015 Coverage and Contributions Under the Slovak Social Security System
A. First pillar coverage
Slovak social security covers almost all residents of the Slovak Republic. Covered employees, their employers, and self-employed workers must make required contributions. The Slovak Republic pays benefits based on the number of years of contributions, the amount of lifetime earnings and an assessed amount designed to guarantee a constant replacement rate.
B. Second pillar coverage
Employers only contribute under this system to individual investment funds. These contributions come from the employer portion of the first pillar contribution. The Slovak Republic introduced the second pillar system in 2005. Since 2005, contributions to the second pillar have been compulsory at some points and voluntary at others. This pillar also permits fund members to make tax-exempt contributions from their own resources.
C. Third pillar voluntary coverage
Covered workers and their employers can make additional voluntary contributions to the third pillar supplementary old-age insurance system to individual accounts.