Holiday pay, the statutory sum of money paid out to all workers and benefit claimants at the end of May, is more likely to be used to pay off debts or added to savings than for an actual break, family spending institute Nibud said on Monday.

Of the 1,000 people polled by Nibud, 45% said they would use the money to put towards a holiday, compared with 49% 15 years ago.

Four out of 10 people use the money to add to their savings, double the number 15 years ago, while 15% use it to pay off debts.

Holiday pay (vakantiegeld) amounts to 8% of annual salary but is more heavily taxed than ordinary income. Someone earning €3,000 a month will get holiday pay of around €1,450. Holiday pay is not an employee bonus, but a standard part of the annual salary package.