Workers will have 2% more to spend next year as tax cuts kick in
Most workers will have slightly more money paid into their bank accounts from January with average take-home pay going up by 2%, irrespective of any pay rises, social affairs minister Wouter Koolmees said on Wednesday.
The increase is due to changes in taxation and work-related premiums, including the shift from four to two income tax bands in 2020. Pensioners and people claiming benefits will also be slightly better off from next year, even though most corporate pensions will not go up in line with inflation.
The government’s macro-economic think tank said earlier on Wednesday that spending power for the average family will rise 2.1% in 2020.
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