Slovakia is a developed nation with an advanced economy. According to the 2021 IMF report, the country ranks the 45th richest country out of the 195 world territories considered. The major share of the Slovakian economy is owned by the service sector, which employs around 69% of the population and contributes about 61% of the country’s gross domestic product (GDP).
Major economic hubs:
Bratislava, Košice
Skills in demand:
Warehouseman, Accountant, Sales representative, receptionist, and administrative jobs.
Local Universities
The top local universities in Slovakia are as follows:
Univerzita Komenského v Bratislave
RANKING
Local: 1
World : 833
Slovenská technická univerzita v Bratislave
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Local: 2
World : 1181
Technická univerzita v Košiciach
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Local: 3
World : 1395
Žilinská univerzita v Žiline
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Local: 4
World : 2010
Univerzita Pavla Jozefa Šafárika v Košiciach
RANKING
Local: 5
World : 2042
Salary Data
Some of the popular jobs and their average monthly salaries are listed below:
The employment relations in Slovakia are regulated by the Labor Code. It ensures the right to work, free choice of employment and suitable working conditions, along with protection against arbitrary dismissal of employees. Read forward to gather in-depth information on employment in Slovakia.
Employee Contract
The labor code put emphasis on having a written employment contract between the employer and employee in Slovak language.
Probation Period
The usual probation period followed in Slovakia is one month.
Public and Provincial Holidays
Date
Name
Type
1 Jan
Republic Day
National holiday
6 Jan
Epiphany
National holiday
29 Mar
Good Friday
National holiday
1 Apr
Easter Monday
National holiday
1 May
Labor Day
National holiday
8 May
Day of Victory Over Fascism
National holiday
5 Jul
St. Cyril & St. Methodius Day
National holiday
29 Aug
National Uprising Day
National holiday
1 Sep
Constitution Day
National holiday
15 Sep
Day of Our Lady of Sorrows
National holiday
1 Nov
All Saints’ Day
National holiday
17 Nov
Fight for Freedom and Democracy Day
National holiday
24 Dec
Christmas Eve
National holiday
25 Dec
Christmas Day
National holiday
26 Dec
St. Stephen’s Day
National holiday
Employee Leaves
Type of Leave
Time Period
Mandatory
Annual Leave
4 weeks
Yes
Sick Leave
10 days
No
Maternity Leave
34 weeks
Yes
Payroll
Payroll Cycle
Slovakia follows a monthly payroll cycle.
Minimum Wage
As of January 2022, the national minimum wage in Slovakia is €646 per month.
Overtime Pay
Work done beyond the normal working hours, i.e 40 hours per week, is compensated as per the mutually accepted employment contract.
Employers have to make the following contributions on every employee they maintain.
Contributed to
Employer payroll tax
Sickness Insurance
1.4%
Old-age pension
14%
Disability insurance
3%
Unemployment insurance
1%
Guarantee insurance
0.25%
Accident insurance
0.80%
Solidarity reserve fund
4.75%
Health insurance
10%
Total cost on employer
35.2%
Employee Payroll Tax
Every employee is entitled to a monthly salary, from which the following contributions will be made.
Contributed to
Employee Payroll Tax
Sickness insurance
1.40%
Old-age pension
4%
Disability insurance
3%
Unemployment insurance
1%
Health insurance
4%
Total cost on employee
13.40%
Employee Income Tax
In Slovakia, income tax is levied at progressive tax rates based on an individual’s annual taxable income. This is calculated by subtracting allowable deductions from the total taxable income.
Slab
Employee Income tax
Income up to EUR 38,553.01
19%
Above EUR 38,553.01
25%
It has to be noted that dividend income occurring from profits before 2004 and after 1 January 2017 comes under a specific tax base, which is taxable at a 7% rate. Also, income of constitutional authorities arising from dependent activity, apart from the above mentioned, is subject to a special tax rate of 5%.
It depends on the length of employment and based on what termination is followed. If the termination is with a notice, the employee has to be paid a minimum of four times their average monthly pay.
Visa and Immigration
To work and reside in the country of Slovakia, employees must have a single permit to work and reside or a work permit and temporary residence. However, citizens of Schengen countries are not required to have a visa to enter Slovakia, irrespective of their visit purpose.
Streamline payroll and compliance for your international workforce
Also, there are maximum limits put in terms of working hours for the extra. Beyond 40 hours (on weekdays), the pay is 125% of average salary rate, for overtime during night hours, it is 140% of average salary rate, for hours worked on Saturday, it is 150% of average salary rate and for overtime on Sunday, employees will be given 200% of average salary rate.