BASIC (07-14)

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.


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0201753015
GN 01753.015 - Coverage and Contributions Under the Slovak Social Security System - 07/28/2014
Batch run: 07/28/2014
Rev:07/28/2014