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The Slovak Investment and Trade Development Agency (SARIO) is a government-funded allowance organization that works under the supervision of the Ministry of Economy of the Slovak Republic. SARIO’s primary objective is to improve the standard of living of Slovak citizens by increasing employment and reducing regional disparities.

The mission of SARIO is to promote growth and economic development, and improve the quality of life in Slovakia.


SARIO works actively to make the Slovak Republic a country with a well developed economy and an educated population with a high quality of life. In order to achieve these goals, SARIO utilises valuable contacts both in Slovakia and abroad.

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  1. 1. Newsletter Slovak Investment and Trade Development Agency August/ 2011What will bringnew labor code?More on page 2 1
  2. 2. hoT TopIcwhat will bring new labor code?Key changes to selected employment regulationsprobATIoN perIoD FIxeD-Term smooth retirement, new regulation introduces “shared employmeNTT o allow a better assessment of the skills and overall working positions” (in Slovak F ixed-term employment delené pracovné miesto).suitability of new managing contracts can now beemployees1 for their new entered into for up topositions, employers will be The “flexi account” (in Slovak three years instead ofable to increase the standard the previous two-year flexi konto 2) becomes athree-month probation maximum term. Within these standard instrument, whichperiod to up to six months. three years, a fixed-term can be used for serious employment contract can operational reasons and the be extended or renewed a related decreased ability1 This term is redefined, and maximum of three times. of the employer to assigntheoretically may include boardmembers provided their functions work to the employeesare clearly distinguishable from the (defined as an obstacleexecutive function of a board member to performing the work(which executive function should be WorkINg TIme attributable to the employer).governed by the provisions of theCommercial Code). Otherwise the term AND overTIme Wis intended to cover employees whoreport directly to the board or their ith the aim of promoting In the relevant circumstances,immediate subordinates. the employment of the employer is allowed parents with young children, to grant employees paid students and to help a time off, which is recorded on the employees’ flexi- account as negative time. once the obstacle ceases to exist, however, not later than within the next 12 months, the employees are obliged to work more hours without extra payment until the negative time on their flexi account balances. NoN-compeTe uNDerTAkINgS AND coNFIDeNTIAlITy F or the first time under Slovak labour law, employers can expressly restrict their employees’ competitive activities following the termination of employment. The restriction 2 New section 142a (previously section 252c of the Labour Code). 2
  3. 3. hoT TopIcprevents ex-employees not during the previous six months); over 5 years/liquidation oronly from being employed by relocation of the employer,a competitor, but also covers redundancies, poor health:competing with the employer • reducing the overall notice period of 3 monthsas sole traders or executives compensation to be providedof another company. to the employee in the case of invalid employment termination from 12 to group lAyoFFS T 9 times the employee’s he definition of groupholIDAy average monthly earnings; layoffs becomes morep reviously, employees’ holiday entitlement waseither four or five weeks, • either notice period connected to the actual size of the employing entity. under the new regulation, adepending on a set of multiple or severance payment, group layoff can take placeconditions. The amendment but not both. only in an employer with 20simplifies the conditions by or more employees and if theproviding that all employees employment is within the timeover the age of 33 shall be As a general rule, an employee period of 30 days terminatedentitled to five weeks of is entitled to severance by notice or otherwise forholiday per calendar year. payment only if his/her reasons not attributableThe effectiveness of this employment is terminated to the employees, with:change has been delayed till 1 by agreement due to:January 2012 in order not tocomplicate calculating holiday • at least 10 employees • the employer or its part if the employer’s totalentitlements during 2011. being wound up or relocated; number of employees is between 20 and 99;TermINATIoN • the employee’s redundancy being triggered • at least 10% of the totalT erminating employment undergoes severalimportant changes, most by organisational or operational changes; work force if the employer’s total number of employeesbut not all of which make is between 100 and 299;terminating employment • the employee being unablemore flexible (faster) and to perform the work, givenless costly for the employer. • at least 30 employees if his/her health status (to be the employer’s total number proved by submitting the of employees exceeds 300. respective medical certificate).The main changes include:• eliminating the employer‘s NoTIce perIoDduty to consult terminationnotices and immediateemployment termination with In accordance with the new regulation, the following notice period applies:employees’ representatives;• when terminating an Duration of employmentemployment contract for less than 1 year:unsatisfactory work, the notice period of 1 monthemployer must prove thatit previously informed the Katarínaemployee about his/her Duration of employment Matulníkováunsatisfactory work during over 1 year: Senior Associatethe previous two months notice period of 2 months Allen & Overy(previously such “second- Bratislava, s.r.o.chance” information mighthave been given at any time Duration of employment 3
  4. 4. INveSTmeNT NeWS honeYwell laUnched conStrUction h oneywell launched construction of a factory in which 446 jobs are to be created in the first phase in the IpZ presov-Zaborske industrial zone. The investment will be worth eur 38.3 million. honeywell Turbo will be producing turbochargers for passenger and cargo vehicles from spring 2012 there. 4
  5. 5. INveSTmeNT NeWSnew JobS in FiĽaKoVoS wedish company employs 200 people. It Dometic plans to produces components and create 350 new accessories for caravans. Thejobs in Filakovo or its company intends to increasesurroundings. Dometic has its staff to 550 thanks tobeen operating in Filakovo increasing production.since 1995 and currently 5
  6. 6. INveSTmeNT NeWSwine in KoŠice T he company will invest items. The company willKosice-based Caste eur 300,000 into the employ 30 people. castewill launch wine reconstruction of the plans to produce fruitproduction. obsolete manufacturing hall wines and refill table wines. in the industrial zone David. The company will also The company’s investments make its own peT bottles. will exceed eur 1.5 million The production launch is after including the price scheduled for this autumn. of technologies and other 6
  7. 7. INveSTmeNT NeWSinVeStMentSin leVoČaThe new industrial zone in Levocafound its first investor.T he czech-german- and helicopters and later French consortium to expand its production Shalter company will by components for ships.invest eur 7,8 million inthe town. The companywill employ 150 people by2017. The consortium plansto produce little specialcomponents for aircrafts 7
  8. 8. ecoNomy NeWSYES to nUclear energYSlovakia is unable to h e says that this is energy and this share will one of few issues be over 60 percent oncebe without nuclear that coalition and two blocks in mochovceenergy, announced opposition agree to. “We Npp are completed.minister of economy are convinced that Slovakia with its current energyJuraj Miskov. mix cannot work without nuclear energy,“ said miskov. Nuclear energy accounts for 53 percent of the total 8
  9. 9. SArIo NeWSupcomINg SArIo eveNTSBusiness frienDly Business frienDly ConferenCesloVakia sloVakia košIce / prešov INveSTINveSTmeNT SemINArS INveSTmeNTIN germANy SemINAr IN brNo, Date: Tuesday, 18.10. 2011 cZech republIc Time: 8:30 a.m. – 4:30 p.m.Date: Venue: hotel Doubletreemonday, 19.09.2011, Düsseldorf by hilton, košice Date: Thursday, 6.10.2011Tuesday, 20.09.2011, Düsseldorf organizer: The American Time: 10 -12 a.m. chamber of commerceFriday, 23.09.2011, mníchov Venue: brno exhibition in the Sr (Amcham) inorganizer: SArIo centre, czech republic cooperation with SArIo organizer: SArIoSArIo has the pleasure The main purpose of theto invite you to join Are you interested to expand conference is a presentation ofand experience business your business activities the košice and prešov regionsopportunities of Slovakia at abroad? Do you have potential as the ideal investmentthe roadshow of Investment to become a supplier of destinations for potentialSeminars, which is to be already established investors? foreign and domesticheld between 19th - 23rd Slovakia is probably familiar investors. The program of theSeptember 2011 in cities to you, despite the Slovak event will be divided into sixof Düsseldorf and munich, business environment offers panel discussions, coveringgermany. Investment opportunities which you may the following main areas:Seminars will be organized not be aware of. Would youin cooperation with like to learn more? let’s followrespected members of 1. FDI Strategies of košice the stories of those who have and prešov municipalitiesthe Investment Support succeed - companies operatingAssociation (ISA) including in Slovakia - kIA, mobis, 2. Investment Incentivesrepresentatives of established pWc and unicredit bank. 3. SArIo – closer to Investorsgerman and Japanesecompanies in Slovakia. 4. recent human resources Investment seminar business Trends in the labor market Friendly Slovakia is organized 5. Investments bringingSeminars in germany offer by SArIo as an accompanying high Added valueunique opportunity for event of the Internationalinternational companies when 6. Attractiveness of engineering Fair in brno. eastern Slovakia ingetting to know the leadingcountry for doing business in International Frameworkcentral and eastern europe, Seat are lImITeD, don’tgetting to know Slovakia. hesitate to regISTer now! For more information, please contact AmchamSeats are lImITeD, don’t at kosice@amcham.skhesitate to regISTer now! 9
  10. 10. e-mail: marketing@sario.skWeb: www.sario.skupozornenie:Tento Newsletter neposkytuje záväzné právne stanoviská. SArIo nenesie zodpovednosť za škoduspôsobenú nesprávnym použitím informácií na nej uvedených.Zdroj použitých obrázkov: archív SArIo, stock.xchNg, istockphoto