Slovak News - November 1997 - Law Proposals And Amendments - Amendment To The Ac

This amendment proposes to make changes to the current organisation of the social security funds.

According to the proposal, the Accident Fund would be transferred from the Slovak Insurance Company (Slovenska poistovna) to the Social Insurance Company (Socialna poistovna).

This would result in the creation of one fund with three separate accounts for retirement, sickness and accident that would be administered by a single institution.

The Act should become effective next year.

Decree to the Law No. 248/1997 Coll. on salaries, remuneration for duties and average remuneration

The Government cancelled the Wage Regulation resolution of 7 October 1997 (see Slovak News from October) and instead, approved a new version of the decree in an amended format.

New provisions were added specifying the appropriate increase of wages in relation to the profit realised in respect of state financial institutions.

Furthermore, employers with an average number of employees of less than 10, will not be subject to these regulations.

The wording of the new decree also defines the increase of wages for employers having an average number of employees of between 10 and 19 in current period, and from 10 to 24 employees in the same period of the previous year.

The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.

For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on frank.walsh@arthurandersen.com.