Easy wage indexation 2024, after giant indexation 2023. Employers in Joint Industrial Committee 200 (JIC 200) are relieved and look to the future with a positive outlook.
Contents
The System
Every January, the salaries of employees in companies in Joint Industrial Committee 200 (JIC 200) are adjusted to reflect the cost of living. In Belgium, this adjustment process is known as salary indexation.
Salary indexation ties employees’ salaries to the evolution of the flattened health index. Specifically, monthly salaries are increased by a percentage that matches the inflation rate of the previous calendar year. This system ensures that employees’ wages and salaries keep pace with inflation and is applicable to all employees covered by JIC 200.
Easy Wage Indexation 2024
This year, the wage indexation 2024 seems to be easy. The wage indexation has been set at 1,48%. This means that starting from January 1, 2024, the gross salaries of affected employees will be increased by 1,48%.
Additionally, the annual premium due in June 2024, unless replaced by an equivalent benefit, will amount to € 312,50. This premium forms an important part of the overall compensation package, providing extra financial support to employees.
In Practice
In practice, this system means that employees will see a noticeable increase in their gross salaries from January 2024. The annual premium paid in June will further enhance their income, ensuring that their compensation remains competitive and fair.
Your payroll provider will take care of that your employee will get a correct pay slip.
Key Component of the Belgian Labor Market
This indexation system is a key component of the Belgian labor market, aimed at protecting the purchasing power of employees by adjusting their wages and salaries in line with inflation. By maintaining the real value of salaries, JIC 200 helps ensure that employees’ earnings are not eroded over time by rising prices.
If you like this post Easy Wage Indexation 2024, our post Belgian Wage Indexation Reveal could interest you as well.
Questions? Don’t hesitate to complete the contact sheet at the bottom of this page.