Pension system

The pension system in Slovakia is built on three pillars from January 2005. The first one represents a pension insurance performed by the Social Insurance Company. The second one represents an old-age pension saving performed by the pension funds management companies (PFMC). The third one is supplementary pension insurance performed by the supplementary pension companies.

The first and the second pillars represent the basic system of the pension insurance to which a citizen pays legally laid down insurance premium or contributions obligatorily or voluntarily. Those, who are connected to the 1st pillar only, pay an insurance premium for old-age insurance (it is the component part of the pension insurance) to the Social Insurance Company in the amount of 18% of an assessment basis (if they are employees, an employer deducts 9% from their wage and the employer pays 9% from his sources to them). Those, who are connected also to the 2nd pillar, pay 9% for the old-age insurance to the Social Insurance Company and 9 % i.e. the half of obligatory contributions to the PFMC chosen for employees, an employer pays 9% for the old-age pension saving for their employees). The 3rd pillar is optional; the state supports it by tax relieves. All the working-age people could connect to the 2nd pillar up to July 2006. The secondary-schools’ and universities’ graduates enter it obligatorily at their first employment relationship.

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