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Details of how Vakantiegeld or Holdiay Pay is calculated in Belgium

Published in: Economy & Finance
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  1. 1. Vakantiegeld Vakantiegeld •What is it?  What is it? •  Who it? Who gets gets it? •How is it calculated?  How is it calculated? •Further information  Examples  Further informationVakantiegeld Slide 2
  2. 2. What is it? Vakantiegeld is a payment of money paid annually to private sector workers (difference between “Labourers” and “Employees” Civil Servants (workers in the public sector) are excluded from receiving it The payment of Vakantiegeld is in ADDITION to holiday pay that you may receive off your employer The money is paid out from the social security contributions that you made in the preceding yearVakantiegeld Slide 3
  3. 3. What is it? 7 types of payments come out from the Social Security fund Pensions Childrens Allowance Disability Allowance Vacation Allowance Social Security Sick Pay Contributions Occupational Allowance Unemployment AllowanceVakantiegeld Slide 4
  4. 4. What is it? Vacation Allowance/ Holiday Money/ Holiday Premium etc. (in Dutch “Vakantiegeld”) Pensions Childrens Allowance Disability Allowance Vacation Allowance Sick Pay Occupational Allowance Unemployment Allowance Your employer can pay your holiday money or you can request it to be paid into a bank account either in Belgium or abroadVakantiegeld Slide 5
  5. 5. Who gets it? People who are subject to and employed by a binding employment contract Contract is defined as someone who undertakes tasks for a wage below the supervision or custody of another person Workers and Labourers get a different amount (blue collar V white collar) Family status also plays a role since you may get additional tax breaks Special Cases •Military workers Check with the website •Border workers •Retired people (Rijksdienst voor •People employed for a period abroad jaarlijkse vakantie) •Artists •People who move from public to private sector and vice versaVakantiegeld Slide 6
  6. 6. How is it calculated?There is a calculation to determine the number of “Active” days in the precedingyear (i.e. How many days you were working and paying social securitycontributions) The number of holidays worth of money you’re entitled to depends on the calculation of “Active” working days during the previous year See _2.htm# for more info on FAQ’sVakantiegeld Slide 7
  7. 7. How is it calculated? Assuming a worker has worked a full year in 2012 – this is how much he would expect to get in May/June 2013 92% of his normal monthly wage is paid as Holiday Money for “Employees” 15.38% of a “Labourers” monthly wages is paid as Holiday Money Both are subject to taxation chargesVakantiegeld Slide 8
  8. 8. Examples Labourers EmployeesExamples taken from Slide 9
  9. 9. Further Information De Standaard website – list of handy links to calculators/tools Jobat link so that you can calculate your own holiday payment Link to the official site of rijksdienst voor jaarlijkse vakantie: Link to their FAQ’s Tip: If you open a page in Google Chromes internet browser, it will ask if you want to translate the page into your own languageVakantiegeld Slide 10
  10. 10. What I covered  What is it?  Who gets it?  How is it calculated?  Examples  Further informationVakantiegeld Slide 11