Most workers will be better off in 2014 but high earners take home less
Most workers will have higher take-home pay in 2014 and low earners will benefit most, according to salary processor ADP.
The organisation looked at the impact of government policy on wages and concluded people on salaries of up to €1,750 a month will benefit most from tax cuts and other benefits in 2014.
For example, someone earning the minimum wage – €1,485.60 for an adult – will be €55 a month better off because of lower taxes and a higher tax-free allowance.
However, people earning over €6,500 a month will have up to €52 a month less to spend, ADP says.
Pensioners will also benefit from the lower tax rate and cheaper health insurance.
Nevertheless, changes in company pension premiums will also have an impact on take-home pay, RTL points out.
For example, people in the engineering and metal working sector will be better off because of a cut in monthly pension premiums.
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