Do you want to earn extra as a pensioner and not limit yourself? We have good news for you! It doesn’t matter whether you receive an old-age, early or disability pension – the law does not require you to stop your pension if you decide to work again. And there is even a way not to pay even a euro for pension insurance from some income. We inquired directly at the Social Insurance Agency about the levy relief, contract work conditions and exemptions for early retirees.
WORK AFTER PENSION? NO PROBLEM!
The law in Slovakia does not restrict seniors if they want to work while receiving a pension. Regardless of whether you find a part-time job, a work contract or a job for a few hours a week, your money from the state stays with you. You do not need to inform the Social Insurance Agency about it.
Drainage relief – what is it actually?
Drain relief, also called exemption, is your trump card up your sleeve. If, as a pensioner, you work on an agreement, you can mark one specific agreement from which you will not have to pay pension insurance premiums. And that in full, if your monthly income does not exceed 200 euros. If you earn more, you will only pay the premium for the difference above this limit.
WHO DOES THE EXEMPTION FROM TAXES CONCERN?
Types of pensions that have a green light
Tax relief can be claimed not only by recipients of old-age pensions, but also by those with premature old-age, disability or long-service pensions (after reaching retirement age). Even those who act as sports professionals and have signed a contract for the performance of their activity effective from January 1, 2020.
How to do that? No lengthy paperwork
There is no need for special “trips” to the Social Insurance Office. Just inform your employer in writingthat you are applying for tax relief, and declare that you are not doing it at the same time with another employer. For these purposes there is a handy form “Notification and Affidavit (Tax Relief – PENSIONERS)”. The employer pays the insurance premium for you in the correct amount.
EARLY RETIRES, BE ALERT!
Annual limit of 2400 euros and no other pension insurance
If you receive an early retirement pensionyou can work on the agreement only under certain conditions. Annually you cannot earn more than 2400 euros, otherwise, Social Insurance will temporarily stop your pension payment. It will only be renewed from the new calendar year after the accounting of income. In addition, if you have another employment relationship with pension insurance in addition to this agreement, you will no longer be entitled to an early retirement pension.
CAN YOU LOOK FORWARD TO A HIGHER PENSION?
Yes, you just need to pay your pension insurance
If you decide to pay your pension insurance premiums in addition to working, you can apply for an increase in your pension after you end your employment. You can learn more about how it works and what all must be submitted in a special article that is also recommended by the Social Insurance Agency.
EARN WITHOUT WORRY
Retirement age does not have to mean the end of an active working life. Take advantage of the opportunity to earn extra while not worrying about your pension. With the tax relief and clear rules offered by the Social Insurance Company, you can work and enjoy life with greater financial security.
Source: Social insurance company
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