Are expatriates eligible for an old-age pension in Slovakia, and what is the amount?
To qualify for an old-age pension, two key conditions must be met:
☝️ Accumulate a minimum of 15 years as a participant in pension insurance. This involves making contributions as an employee, entrepreneur, or voluntarily insured person. The 15-year requirement encompasses periods of social insurance in EU-regulated countries and those with bilateral social security agreements.
☝️ Reach the retirement age, typically at 64. Certain conditions may allow a reduction in retirement age:
📍 A potential 6-month reduction for each child raised, up to a maximum of 18 months. 📍 Work grades suggesting earlier retirement after a specified number of years.
Early pensions are also possible, albeit with a somewhat reduced amount. For instance, individuals who have lost their job and are within 2 years of reaching retirement age or have accrued at least 40 years of pensionable service have this option.
💰 As of 2023, the average pension in Slovakia stands at 577€. However, an ongoing pension reform introduces significant changes, including pension valorization since January and new amendments implemented since May