What are the statutory pension benefits in Slovakia?

In Slovakia, statutory pension benefits are provided through a structured system as of January 1, 2021. The retirement age is determined based on the year of birth, sex, and the number of children raised, with a maximum retirement age of 64 years for both men and women. To be eligible for a pension, employees must have contributed to their pension for a minimum of 15 years.

The statutory pension benefits in Slovakia include:

• Old-Age Pension (starobný dôchodok)
• Early Old-Age Pension (predčasný starobný dôchodok)
• Invalidity Pension (invalidný dôchodok)
• Widow’s Pension (vdovský dôchodok)
• Widower’s Pension (vdovecký dôchodok)
• Orphan’s Pension (sirotský dôchodok)
• Minimum Pension (minimálny dôchodok)
• Parental Pension Bonus (rodičovský dôchodkový bonus)

These benefits are primarily paid from the 1st Pillar, which is the public mandatory pension insurance through Sociálna poisťovňa. In addition to the statutory benefits, Slovakia has two other pillars that provide for additional savings:

• The 2nd Pillar is comprised of private old-age pension savings, which is voluntary for younger workers.
• The 3rd Pillar consists of voluntary supplementary pension savings, providing additional private savings for extra income during retirement.

The 2nd and 3rd Pillars are not statutory benefits on their own but offer additional financial support.