The self-employed will pay more on social insurance in 2020

Social security contributions will rise due to the increased average wage.

From next year, the self-employed will pay higher social insurance premiums to Sociálna poisťovňa (in the picture)From next year, the self-employed will pay higher social insurance premiums to Sociálna poisťovňa (in the picture) (Source: TASR)

The wallets of the self-employed in Slovakia will become lighter at the start of next year as social insurance premiums rise in January.

The minimum contributions will rise by €9.78 to €167.89. This is because, given the figures published by the Statistics Office (ŠÚ SR), the average wage in Slovakia increased year-on-year by 6.2 percent last year, to €1,013, the SITA newswire reported.

A higher minimum assessment base

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The minimum assessment base concerning social security contributions for the self-employed is, in fact, linked to the development of employees' average gross earnings. Hence, this base will also be adjusted upwards by 6.2 percent, to €506.50, from January 2020.

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