When will you get your cost of living 'bonus' payments in Austria?
Austria's package to fight the rising cost of living includes several "bonus" payments for residents in Austria. Here is when you can expect them.
Austria’s federal government has unveiled a series of measures worth billions of euros to fight the cost of living crisis. New steps include increasing family allowances, cutting taxes and sending out one-off welfare payouts, as The Local has reported.
However, the authorities were not specific on when payments are to be expected, though they mentioned most of the measures would be in place "by October".
READ ALSO: EXPLAINED: How Austria’s new finance measures could benefit you
On Wednesday, party leaders Sigrid Mauer (Greens) and August Wöginger (ÖVP) presented a roadmap to lay out when each aid could be expected.
Aid payouts
Low-income and vulnerable people in Austria, such as pensioners receiving minimum payments and aid recipients will receive a one-off €300 payment (Teuerungsausgleich) as compensation for inflation. The payment should be in September.
The most significant payment will be the €500 sum, which consists of €250 as a climate bonus (Klimabonus) and €250 for the "anti-price increase" bonus (Teuerungsbonus). Everyone in Austria will receive that assistance (children receive half of the total amount) in October.
However, retirees will receive a one-time payment of up to €500 from September 1st, depending on how much they receive as pension.
READ ALSO: Austria unveils €6 billion package to fight rising cost of living
An additional one-off payment of the family allowance (Familienbeihilfe) of €180 will be sent for those already on the program in August.
The timeline, according to Mauer, makes it so that the most vulnerable, including low-income people and families, will receive assistance first. Then, in autumn, the payments will go out on a broader scale.
Changes in bonuses and CO2 tax
The anti-inflation package also contains increases in existing family bonuses and payments.
The family bonus (Familienbonus) deduction increases from €1,500 to €2,000, and the increase for additional children payments (Kindermehrbetrags) to €550 is already in force for the fiscal year of 2022.
READ ALSO: EXPLAINED: The main Austrian ‘tax traps’ foreigners should be aware of
The CO2 tax was postponed from July to October in time for the climate bonus payments, which were meant to offset the costs of the tax.
Finally, the end of the cold progression, the term used to describe increases in tax burdens which are based on increases in income but do not account for inflation, is set for 2023.
All the changes still need to be officially approved by Parliament and signed into law. For the measures to take place as soon as possible, a special meeting of the National Council was called for this Thursday, June 23rd.
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Austria’s federal government has unveiled a series of measures worth billions of euros to fight the cost of living crisis. New steps include increasing family allowances, cutting taxes and sending out one-off welfare payouts, as The Local has reported.
However, the authorities were not specific on when payments are to be expected, though they mentioned most of the measures would be in place "by October".
READ ALSO: EXPLAINED: How Austria’s new finance measures could benefit you
On Wednesday, party leaders Sigrid Mauer (Greens) and August Wöginger (ÖVP) presented a roadmap to lay out when each aid could be expected.
Aid payouts
Low-income and vulnerable people in Austria, such as pensioners receiving minimum payments and aid recipients will receive a one-off €300 payment (Teuerungsausgleich) as compensation for inflation. The payment should be in September.
The most significant payment will be the €500 sum, which consists of €250 as a climate bonus (Klimabonus) and €250 for the "anti-price increase" bonus (Teuerungsbonus). Everyone in Austria will receive that assistance (children receive half of the total amount) in October.
However, retirees will receive a one-time payment of up to €500 from September 1st, depending on how much they receive as pension.
READ ALSO: Austria unveils €6 billion package to fight rising cost of living
An additional one-off payment of the family allowance (Familienbeihilfe) of €180 will be sent for those already on the program in August.
The timeline, according to Mauer, makes it so that the most vulnerable, including low-income people and families, will receive assistance first. Then, in autumn, the payments will go out on a broader scale.
Changes in bonuses and CO2 tax
The anti-inflation package also contains increases in existing family bonuses and payments.
The family bonus (Familienbonus) deduction increases from €1,500 to €2,000, and the increase for additional children payments (Kindermehrbetrags) to €550 is already in force for the fiscal year of 2022.
READ ALSO: EXPLAINED: The main Austrian ‘tax traps’ foreigners should be aware of
The CO2 tax was postponed from July to October in time for the climate bonus payments, which were meant to offset the costs of the tax.
Finally, the end of the cold progression, the term used to describe increases in tax burdens which are based on increases in income but do not account for inflation, is set for 2023.
All the changes still need to be officially approved by Parliament and signed into law. For the measures to take place as soon as possible, a special meeting of the National Council was called for this Thursday, June 23rd.
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