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).
Warehouseman, Accountant, Sales representative, receptionist, and administrative jobs.
The top local universities in Slovakia are as follows:
World : 833
World : 1181
World : 1395
World : 2010
World : 2042
Some of the popular jobs and their average monthly salaries are listed below:
|Job Title||Average Monthly Salary (in EUR)||Average Monthly Salary (in USD)|
|Customer Service Manager||2,750||3,059|
Slovakia follows a monthly payroll cycle.
As of January 2022, the national minimum wage in Slovakia is €646 per month.
Work done beyond the normal working hours, i.e 40 hours per week, is compensated as per the mutually accepted employment contract.
There is no legal provision for the 13th month salary. Employers may allow bonuses at their discretion.
Employers have to make the following contributions on every employee they maintain.
|Contributed to||Employer payroll tax|
|Solidarity reserve fund||4.75%|
|Total cost on employer||35.2%|
Every employee is entitled to a monthly salary, from which the following contributions will be made.
|Contributed to||Employee Payroll Tax|
|Total cost on employee||13.40%|
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%.
A standard rate of 20% is followed in Slovakia.
Based on the employment agreement, the termination process varies. The decision will be communicated to the employee in writing.
Slovakia follows a notice period of one month for employees.
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.
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.
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.