According to RTL News people with a lower income can expect more holiday pay. Those with an average or higher income receive slightly less.
How much holiday pay do you get?
What does that mean in concrete terms? If you earn up to 3,000 euros gross per month, you will receive more holiday pay in 2024 than last year. For example, anyone with a gross monthly salary of 1,750 euros will receive no less than 578 euros more in holiday pay than last year. Indeed, that’s not wrong.
Do you have an average income of 3,395 euros gross per month? Then you will lose 19 percent. People with twice the average income (6,790 euros gross per month) receive the same amount as last year. The big losers are people with three times the average income (10,185 euros gross per month). They receive 637 euros less holiday pay than last year. We have listed it clearly for you below.
Suppose you work part-time and have a gross monthly salary of €1,750:
Then you will receive €1,587 net holiday pay this year, or €578 more than last year.
Suppose you have a gross monthly salary of €3000:
Then you will receive €1695 net holiday pay this year, or €242 more than last year.
Suppose you have an average income with a gross monthly salary of €3395:
Then you will receive €1626 net holiday pay this year, or €19 less than last year.
Suppose you have a 2x average income with a gross monthly salary of €6,790:
Then you will receive €2,867 net holiday pay this year, or the same as last year.
Suppose you have a 3x average income with a gross monthly salary of €10,185:
Then you will receive €4,301 net holiday pay this year, or €637 less than last year.
Why do average income earners receive less holiday pay?
Where does this difference come from? It depends on the so-called income-related tax credit, or: the higher your income, the more tax you pay on your holiday pay.
People in the highest income scales will pay 56.01 percent tax on their income this year, compared to 49.5 percent last year.
How much holiday pay do you get with a minimum wage?
The statutory minimum wage increased considerably on January 1 this year. Very nice, but anyone who earns a minimum wage with a 36-hour working week will receive 15 euros less holiday pay than last year. Minimum wage earners with a 38-hour or 40-hour working week do receive more net holiday pay: 12 and 40 euros more respectively.
Do you want to save some extra for your holiday? This way you can save 500 euros smartly and easily.
Has your money disappeared before you know it? In the video below, budget coach Danie gives tips on how to become the boss of your budget (again) in 4 steps.
Source: RTL News
