Most people in the Netherlands won’t notice having more money to spend this year, and many pensioners will have less disposable cash, the family spending institute Nibud said on Monday.

People with jobs may notice a slight increase in their take-home pay, because of the 1.5% average rise in pay rates but hardly anyone will have a spending power increase of more than 0.5%, Nibud said.

With inflation rising at almost the same rate as wages, most people will have between €10 and €20 more a month to spend.

Social affairs minister Wouter Koolmees said at the end of last year that by far the majority of workers will have higher take-home pay in January because of lower taxes and pension premiums.

Nibud has built an online tool (Dutch only) so that you can calculate roughly what your take-home pay will be this year.