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The Ministry of Finance of the Slovak Republic presents you a summary of the TOP 22 measures we have managed to implement in the previous months. They include, for example, steps mitigating the impact of the energy crisis, savings on IT and extra money for health workers, teachers, social service workers as well as pensioners. Also, we have pushed through public spending limits and the Financial Administration’s measures that help taxpayers.
1. The best VAT collection since the accession to the EU
Slovakia’s VAT collection efficiency is continuously improving. The tax gap is at the lowest level for the last 17 years. The reason is mainly a more effective fight against tax fraud, but also a greater responsibility of taxpayers.
2. Approval of spending limits
The Ministry of Finance of the Slovak Republic has managed to achieve the approval of so-called spending limits. The Government’s spending of public funds will thus be capped. With the adoption of this law, we have officially become one of the most fiscally responsible EU countries. The approval of spending limits was also one of the milestones of the Recovery and Resilience Plan.
3. First payment under the Recovery Plan
Having managed to meet all milestones of the Recovery Plan, Slovakia received the first 400 million euros from the European Commission. This financial assistance will also be perceived by citizens: the first money will help to renovate older family houses.
4. Freezing of electricity prices
The decision to freeze electricity prices safeguards against excessive price increases. Slovak households will save several billion euros on electricity prices in the upcoming years. Electricity prices for households will not change even in the next years. Slovenské elektrárne should charge electricity they supply at the regulated rates until the end of 2024.
5. Bonuses and higher salaries
Thanks to the Ministry of Finance, civil servants and public administration employees as well as education system workers will receive a one-off bonus of 500 euros in the autumn. Moreover, their salaries will increase significantly from the new year. The salary rise will amount to 10% for teachers and education workers and 7% for civil servants and public administration employees. Health workers’ salaries will also rise and the increase will be the highest since 2013.
6. 500 euros for social service workers
Following the education system, general government and public administration employees, anti-inflation aid will also go to another important group of employees: people working in social services will also receive a 500 euro bonus.
7. Green Ministry
The Ministry of Finance developed a so-called eco-concept for 2022 which aims to reduce energy consumption and improve the waste separation system. The use of plastic bottles was reduced and plastic waste bins and sparkling water makers were placed throughout the Ministry’s building. The Ministry also started working on changes to save energy and reduce heating and lighting costs.
8. Help to families with children
The Ministry of Finance will help parents with children during the period of growing inflation. Starting from 1 January next year, the monthly allowance for a child will increase to 40 euros. The tax bonus for a child under 15 will increase to 100 euros per month in the next year. For older children, it will increase to 50 euros.
9. SEPS and interconnection with Ukraine
Ukraine has successfully connected to the Slovak electricity transmission system through our subsidiary SEPS. Ukraine is currently self-sufficient in terms of energy supply as the country’s electricity demand has substantially dropped during the war. This step was not only an act of solidarity, but it can also help us reduce electricity prices in the future.
10. Additional financing for VŠZP
This year, 365 million euros more will go to the health sector through the public health insurance funds. At the same time, the Ministry of Finance and the Ministry of Health signed a Memorandum of Cooperation which includes 17 cost-saving, systemic and value-based measures. They are intended to significantly improve the functioning of the healthcare system in Slovakia.
11. Vaccination bonus: aid to seniors
The Ministry of Finance rewarded more than 843 thousand seniors for vaccination. They received 200 or 300 euro checks as a reward for protecting their health and, indirectly, our economy. The total amount paid out reached nearly 244 million euros.
12. Unique project in general government: cooperation with universities
The Ministry of Finance decided to address the lack of IT workers by cooperating with universities. The Ministry offered internship and part-time programmes to students of Slovak and Ukrainian universities. In addition, working together with the Faculty of Informatics and Information Technologies of the Slovak University of Technology (STU), the Ministry is building a special educational laboratory to introduce young people to the general government’s functioning.
13. IT savings at the Ministry of Finance
The Ministry of Finance has so far saved more than 90 million euros on IT services for the state. The saving measures included reviewing disadvantageous contracts or introducing transparent public procurement processes. In addition, the Ministry of Finance is implementing a new Central Economic System (CES). This is an important step that will gradually unify economic processes across all state institutions, thereby increasing efficiency and saving millions of euros.
14. Millions for schools and railways
The Ministry of Finance released 30 million euros for the regional education system. The money is intended to compensate for increased energy prices. 44 million will also go to railway entities to ensure the proper operation of services for citizens.
15. Leading by example and managing finance better
The Ministry of Finance has reduced the costs of its economic management by as much as a half in two years. We were able to do this through a review of supply contracts and an energy audit and subsequent energy saving measures. While in 2019 the costs of running the office amounted to more than 2 million euros, for 2021, we have reduced the costs to approximately 1 million euros.
16. National Reform Programme and Stability Programme
The Ministry of Finance managed to push through the National Reform Programme of the Slovak Republic and the Stability Programme of the Slovak Republic. Following the budget, these are the Ministry’s two most important documents which determine what direction public finances should take and how to change Slovakia for the better.
17. We introduced the E-invoice system
The Ministry of Finance of the Slovak Republic has presented a technical solution for the new Electronic Invoicing Information System, i.e. the so-called e-Invoice system. The system is supposed to streamline the process of forwarding invoices to the Financial Administration. The system will first be used between state organisations.
18. New virtual cash register launched by the Financial Administration
The Financial Administration has launched a new virtual cash register. It replaces the former system which was already outdated. The new application was developed in-house by the Financial Administration and this saved millions of euros for the state. While the state had paid almost fifteen and a half million euros to a private company for the first version, the new version cost 28 thousand euros.
19. IFP Reform Compass
The Institute of Financial Policy (IFP) has prepared a strategic document entitled “Reform Compass of the Slovak Economy”. The researchers were processing lots of data for several months and they quantified for the first time, for example, “how much we lag behind developed countries”. The analysis also provides recommendations as to what steps Slovakia should take to change this.
20. Record number of approved funding applications
Last year, the Ministry of Finance approved 1,777 requests for budgetary measures. This is the highest number of approved applications from individual Ministries since 2011. These are all allocations to Ministries in excess of their approved budgets. The funding was directed to healthcare, education, transport and social services. The Ministry of Finance expects similar record figures for 2022 as well.
21. Extraordinary assistance to pensioners
The Ministry of Finance, in cooperation with the Ministry of Labour, has put forward another assistance measure. This time, it is a proposal to disburse 200 million euros to pensioners in the form of a so-called 14th pension benefit.
22. Half a billion for better healthcare
The Value for Money Unit (ÚHP), in cooperation with the Institute of Health Analysis, updated the so-called Healthcare Spending Review. The researchers identified approximately 500 million euros that could be saved and transferred to where it is most needed within the health sector. Room for spending efficiency improvements was identified mainly in the areas of pharmaceuticals or diagnostic examinations where redundancies often occur.
Press Department
Ministry of Finance of the Slovak Republic
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