The most important numbers of 2020: how will taxes, pensions and wages change?

What changes should employees and parents expect?

Illustrative stock photoIllustrative stock photo(Source: TASR )

The situation of parents and the self-employed will improve significantly in 2020. This cannot be said about pensioners and employees, however, who will see a lower improvement.

Parents will, for example, be able to reduce their income taxes by doubled tax credit, or receive a €150 higher parental allowance every month.

At the same time, the self-employed will save on taxes for 2020 since the income tax rate for entrepreneurs with an annual income below €100,000 will decrease.

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Some employees will receive a higher minimum wage, and thus gain higher surcharges for working at night and during weekends. There will also be a possibility to ask for a holiday subsidy and receive a 13th and 14th salary exempt from tax and payroll tax burden.

Minimum wage

€580 is the sum set as the minimum wage for 2020. It is a gross wage that is later deducted by taxes and payroll levies. It rose by €60 compared to 2019.

Changes concern also the minimum wage for various jobs scaled according to their difficulty. While those in the first category receive €580, those in the categories two to six will receive from €696 to €1,160.

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€3.333 is the hourly minimum wage from January 1, 2020. It rose by some €0.34 from €2.989 in 2019.

Surcharges for working at night, during weekends and on holidays

€1.667 is the surcharge for working on Saturdays. Its rise was impacted by the growth in the minimum wage. The surcharge can be claimed by every person working full time, based on an agreement on work performance, work activity and student work.

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