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Wages are expected to increase by an average of 2.5 percent next year, and with inflation of around one percent, this means that the salary increase will provide more money to employees, according to Swedbank calculations for a number of typical homes. A series of changes in the tax sphere also contribute.
– Regarding inflation, salaried households will have greater purchasing power, says Arturo Arques, private economist at Swedbank.
Among other things, a specific tax cut will be implemented next year for low- and middle-income households. Income tax will also be lower due to increased basic deductions, employment tax deductions, and a higher stratum limit for state income tax.
Higher disposable income
It is estimated that a single parent with two children and an income of SEK 28,100 per month will have SEK 630 more in disposable income in January next year. Additionally, maintenance support will be increased by SEK 200 on July 1.
For a family with two children with two incomes (36,600 SEK and 21,100 SEK), you can get around with about 960 SEK more, regardless of inflation.
However, the calculations do not include a temporary tax cut for income below SEK 50,000 during 2021-2022, which the government has promised to reapply in the spring.
Retiree Supplements
Pensions do not increase as much as wages, but income tax increases more on pensions than on wages. According to Swedbank’s calculations, pensions will increase by about 0.5 percent after the turn of the year, at the same time as the tax is reduced. The 600 SEK supplement, for those with the lowest pensions, will not arrive until September next year.
It is estimated that an average pensioned retired couple will receive 490 SEK more from January, which will increase to 1,080 SEK in September.
– One of the groups that receives a little more than normal is that of low or moderate pensions that receive the pension supplement in September, says Arturo Arques.
For those who only have a guaranteed pension, however, the supplement will only be just over one hundred crowns.
During the corona pandemic, many have lost their jobs. Due to the temporary rules, even the unemployed can move more compared to what it usually is. The temporary ceiling increase in the unemployment insurance fund means that those with maximum compensation will have around 4,000 SEK more to move in in January 2021 compared to January 2020.
– This is the group for which the difference is greatest. But it is a temporary increase, says Arturo Arques.
Helena Wande / TT
When you look at the evolution of income adjusted for inflation, the evolution of real income, the typical households in Swedbank’s calculations have had a 20 percent increase in income before taxes over the last ten years.
During the same period, pensioner households had an increase of five percent. The lower increase in pensions has been partially offset by tax cuts. The disposable income of retirees has increased in real terms by 13% since 2011. The corresponding figure for paid households is 19%.
Source: Swedbank
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