Private Sector Pay Increases: See How Much You Get – Installations – Newsbomb – News

greece December 5, 2020 greece

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Pay increases: Increased from 1.45% to 10.43% will be the net monthly salary receipts from January 2021 of hundreds of thousands of private sector workers.

The new higher net salary amounts will result from implementing measures to reduce deductions for insurance contributions and abolish special unity contribution deductions, already enacted by the government.

Salary increases: What’s changing

In particular, from January 2021, two very important measures announced by the Prime Minister will come into force. Kyriakos Mitsotakis last September of the “stage” of the TIF and already included in the law of the state of Greece:

1 The reduction of three percentage points in the insurance contributions of private sector workers, with a budget cost of 816 million euros.

2 Prevent imposing a special unity contribution on private sector employees with a gross monthly wage of 2021 over 1,000 euros and on other small, medium-sized, self-employed, self-employed, income earners and farmers with an annual income of more than 12,000 euros in 2020. This measure will have a budget cost of 767 million euros. Applied in combination with reducing insurance contributions, it will have the effect of increasing from January 2021 the net monthly wages of those private employees who receive gross over 1,000 euros per month.

changes

The amounts and percentages of increases that private sector workers will receive from next year are reflected in a table with detailed examples presented today by the “Eleftheros Typos” newspaper. The table shows the changes in insurance deductions and tax on the gross monthly (gross) wages of private sector workers which will be caused by the reductions in insurance contributions and the temporary withdrawal of the special unity contribution from 1 January 2021 From the examples in the table. , relating to workers without dependent children, appears between 1-1-2021:

* Monthly deductions for insurance contributions will be reduced by 8 to 78 euros for employees with gross monthly salaries of 650 to 6,500 euros.

* Monthly income tax deductions will remain zero for employees with gross monthly earnings of 650 to 780 euros and will increase 0.80 to 34.32 euros for workers with gross monthly wages over 780 and up to 6,500 euros. These small increases in income tax deductions will be due to the fact that, due to the reduction in insurance contributions from 1-1-2021, the taxable monthly earnings, ie those that remain after deducting insurance deductions, will be increased . Therefore, income tax deductions will be calculated between 1-1-2021 at higher taxable monthly earnings resulting in an increase.

* The monthly special unity contribution deductions will remain zero for those employees receiving a gross salary of up to 1,000 euros per month and will now be zero for those receiving a gross salary of more than 1,000 euro, due to the temporary abolition of this contribution for 2021 private sector wages. . At this point we should make it clear that the special unity contribution is enforced on annual taxable income from wages over 12,000 euros, which equates to monthly taxable amounts of over 858 euros in the private sector. Monthly taxable amounts of wages over 858 euros in the private sector will equate from 1-1-2021 to gross (gross) salaries of over 1,000 euros, given that this level of gross earnings and above monthly deductions of insurance contributions will start. of 141 euros. Therefore, abolishing monthly special unity contribution deductions from private sector wages will only benefit those employees who receive gross remuneration (salary amounts before deducting insurance contributions, income tax and special union contribution of € 1,000 per month or more). taxable amounts of earnings over 858 euros per month. Workers in these cases will benefit from the abolition of the monthly special unity contribution deductions starting from 1.07 euros per month for those with a gross salary of 1,070 euros per month and up to 306.15 euros for the those with gross earnings of 6,500 euros per month.

* Finally, private sector employees with gross monthly earnings of 650 to 6,500 euros, which currently equates to net monthly earnings of 550 to 3,354.67 euros (after deduction of monthly insurance contribution deductions, income tax and special unity contribution), receive net monthly salary increases on their salaries that will range from 1.45% to 10.43% and in amounts from 8 to 349.83 euros. Therefore, from January 2021, their net monthly earnings will now range from 558 to 3,794.49 euros.


CHANGES IN THE NET WORK OF THE PRIVATE SECTOR FROM YEAR OR
MONTHLY PAY GROSS	MONTHLY INSURANCE RECEIVES EMPLOYEES		RETURNING MONTHLY EMPLOYEES TAX				NET SALARY		FINAL BENEFITS (INCREASES) TO NETWORK	INCREASE IN NET WORK IN RATE
			RETURNING MONTHLY EMPLOYEES TAX				UNTIL 31/12/2020	From 1/1/2021
			INCOME TAX		FACILITY CONTRIBUTION
	UNTIL 31/12/2020	From 1/1/2021	UNTIL 31/12/2020	From 1/1/2021	UNTIL 31/12/2020	From 1/1/2021
650	100	92	0	0	0	0	550	558	8	1,45
720	110	102	0	0	0	0	610	618	8	1,31
790	121	112	0	0,8	0	0	669	677,2	8,2	1,23
860	132	121	11,8	14,22	0	0	716,2	724,78	8,58	1,20
930	143	131	24,78	27,42	0	0	762,22	771,58	9,36	1,23
1000	153	141	37,98	40,62	0	0	809,02	818,38	9,36	1,16
1070	164	151	51,94	55,06	1,07	0	852,99	863,94	10,95	1,28
1140	175	161	66,1	69,46	2,37	0	896,53	909,54	13,01	1,45
1210	185	171	80,5	83,86	3,69	0	940,81	955,14	14,33	1,52
1280	196	181	94,66	98,26	4,99	0	984,35	1000,74	16,39	1,67
1350	207	191	108,82	112,66	6,29	0	1027,89	1046,34	18,45	1,79
1420	218	201	122,98	127,06	7,59	0	1071,43	1091,94	20,51	1,91
1490	228	210	137,38	141,7	8,91	0	1115,71	1138,3	22,59	2,02
1560	239	220	151,54	156,1	10,2	0	1159,26	1183,9	24,64	2,13
1630	250	230	165,7	170,5	11,5	0	1202,8	1229,5	26,7	2,22
1700	261	240	180,49	186,79	13,09	0	1245,42	1273,21	27,79	2,23
1770	271	250	198,49	204,79	16,09	0	1284,42	1315,21	30,79	2,40
1840	282	260	216,19	222,79	19,04	0	1322,77	1357,21	34,44	2,60
1910	293	270	233,89	240,79	21,99	0	1361,12	1399,21	38,09	2,80
1980	304	280	251,59	258,79	24,94	0	1399,47	1441,21	41,74	2,98
2050	314	289	269,59	277,09	27,94	0	1438,47	1483,91	45,44	3,16
2120	325	299	287,29	295,09	30,89	0	1476,82	1525,91	49,09	3,32
2190	336	309	304,99	313,09	33,84	0	1515,17	1567,91	52,74	3,48
2260	346	319	322,99	331,09	36,84	0	1554,17	1609,91	55,74	3,59
2330	357	329	340,69	349,09	39,79	0	1592,52	1651,91	59,39	3,73
2400	368	339	358,39	367,09	42,74	0	1630,87	1693,91	63,04	3,87
2470	379	349	376,09	385,09	45,69	0	1669,22	1735,91	66,99	4,01
2540	389	359	394,09	403,09	48,82	0	1708,1	1777,91	69,81	4,09
2610	400	369	417,16	428,94	52,65	0	1740,19	1812,06	71,87	4,13
2680	411	378	439,58	452,12	56,49	0	1772,94	1849,88	76,95	4,34
2750	422	388	462	474,92	60,32	0	1805,68	1887,08	81,4	4,51
2820	432	398	484,8	497,72	64,22	0	1838,98	1924,28	85,3	4,64
2890	443	408	507,22	520,52	68,06	0	1871,73	1961,48	89,76	4,80
2960	454	418	529,64	543,32	71,89	0	1904,47	1998,68	94,21	4,95
3030	464	428	552,44	566,12	75,79	0	1937,77	2035,88	98,11	5,06
3080	472	435	568,4	582,46	78,52	0	1961,08	2062,54	101,46	5,17
3130	480	442	584,36	598,8	81,25	0	1984,39	2089,2	104,81	5,28
3180	487	449	600,7	615,14	84,05	0	2008,26	2115,86	107,61	5,36
3230	495	456	616,66	631,48	86,78	0	2031,57	2142,52	110,96	5,46
3350	514	473	655,04	672,21	93,34	0	2087,62	2204,79	117,17	5,61
3470	532	490	700,27	719,59	100,78	0	2136,96	2260,41	123,46	5,78
3590	550	507	747,19	766,97	108,43	0	2184,39	2316,03	131,65	6,03
3710	569	524	793,65	814,35	116	0	2231,35	2371,65	140,3	6,29
3830	587	541	840,57	861,73	123,65	0	2278,78	2427,27	148,49	6,52
3950	606	558	892,79	913,91	131,23	0	2319,98	2478,09	158,11	6,82
4070	624	575	937,67	959,23	138,88	0	2369,45	2535,77	166,32	7,02
4190	642	592	982,55	1004,55	146,53	0	2418,92	2593,45	174,53	7,22
4310	661	609	1026,99	1049,87	154,1	0	2467,91	2651,13	183,22	7,42
4430	679	626	1071,87	1095,19	161,75	0	2517,38	2708,81	191,43	7,60
4550	698	642	1116,31	1140,95	169,33	0	2566,36	2767,05	200,69	7,82
6500	996	918	1843,19	1877,51	306,15	0	3354,67	3704,49	349,83	10,43

“NET SALARY” means the one derived from the deduction of insurance and tax deductions from the gross salary.

Source: “Eleftheros Typos” newspaper

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Private Sector Pay Increases: See How Much You Get – Installations – Newsbomb – News

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