On 3 October 2024, the Slovak Parliament approved a so-called consolidation package seeking to reduce the public finance deficit.1 According to the government’s projections,2 the approved measures are estimated to save approximately €2.7 billion.
There are several significant changes adopted, including a lower and limited child bonus and a higher base for social security contributions, which could have a negative impact on the net income of employees as well as self-employed individuals and increase costs for companies.
The consolidation package was passed, but not without some vocal disagreements from the government’s opposition as well as the public, in general, due to a shortened legislative procedure and the significant impacts anticipated for businesses and individuals.
If the president of the Slovak Republic signs the legislation, most of the changes introduced will come into force at the beginning of 2025, giving a very short period to adjust to the new rules.