Not’s just bad news from Budget law 2024: according to Bank of Italy estimates, in fact, for approximately three out of four families there will be an increase in income thanks to two measures. On the one hand, the confirmation of contribution reliefon the other side new Irpef.
More money for families in 2024
How much more money will come into families? Depends. The figures vary based on a number of factors. On average, however, it is already possible to confirm that the increase will be around 1.5 of the income, which means around 600 euros per year. Naturally, the increase will not be obtained without conditions, which it is good to know in order not to get your hopes up and then be disappointed.
What is contribution relief
The 2024 Budget Law has extended, but only for employees, the contribution reliefthe so-called tax wedge, as introduced from 2023. It is equal to 7% for payroll of an amount equal to or less than 1,923 euros and al 6% for payroll of an amount greater than 1,923 euros but equal to or less than 2,692 euros. The contribution exemption will not have any effect on the thirteenth month’s salary. Ptherefore, social security contributions are due without any reduction.
More money for co families: for about three out of four there will be an increase in income in 2024 (Getty)
The new Irpef bonus
Added to this increase is the revision of Irpef rates: that of the second bracket, i.e. between 15 thousand and 28 thousand euros per year, is increased to 23% (from 25%) equating it to the rate of the first bracket. This news will result in a saving of 2% on the portion of income between 15 thousand and 28 thousand euros, therefore for a maximum of 260 euros per year.
How much does the salary increase?
According to estimates by the Economics and Statistics Department of the Bank of Italy, the increases due to the changes to the contribution rates and Irpef envisaged by the budget they will provide benefits to 3 out of 4 families. For the remainder there will be no significant changes in income. Those who will feel the effects most will be workers with incomes of 35 thousand euros, for which there will be an increased income of approximately 620 euros per year. It’s worse for the lowest incomes: within 15 thousand euros there will be an increase of up to 200 euros per person.
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