This paper first identifies Slovenia’s main well-being challenges, namely to boost productivity and increase performance on economic indicators without compromising its low levels of inequalities in wealth and income, and to strive for better human capital outcomes, including health outcomes and adult skills. Second, the paper assesses the welfare impacts of some structural reforms based on the shadow price of employment, which is equal to 3% of household income. The largest welfare impacts stem from: i) a cut in regulation of the energy, transport and communication sectors; ii) an increase in ALMPs; iii) a cut in the average tax wedge on households; iv) a cut in the minimum wage; v) an increase in the number of weeks of maternity leave; vi) a cut in the replacement rate of unemployment benefits.