Austria starts anti-inflation payments with €180 bonus family allowance
As inflation rises, the Austrian government has prepared several one-off payments for families and residents. Here's what you need to know.
Austria's federal government on Tuesday, August 2nd, announced the first of many one-off payments to cushion the effects of rising inflation in the country, ORF reported.
A €180 per child "special family payment" is ready to be sent out to families in Austria, according to ÖVP government members Susanne Raab and Magnus Brunner. As of tomorrow, the finance offices will transfer the amount per child "directly to the account" of families.
"The payment happens automatically, the money comes into the account with the normal family allowance (Familienbeihilfe)", Raab said.
READ ALSO: EXPLAINED: What you need to know about parental leave in Austria
The Familienbeihilfe is a social benefit paid monthly to every child resident in Austria until they turn 24 – with some exceptions.
The amount depends on the child’s age but can reach €165.10 monthly for one child. Furthermore, since every child is registered for this benefit, the bonus payment can be made automatically.
In total, the government is spending some €340 million on the measures. "Around 1.8 million children in 1.1 million families will benefit", she added.
Cost of living bonuses
In June, Austria’s government 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.
The assistance comes as inflation in Austria hit a record high of 9.2 percent in July, with prices of essential items becoming increasingly more expensive.
READ ALSO: EXPLAINED: How Austria’s new finance measures could benefit you
Other payments are expected for September, when 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 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 - although children receive half of the total amount - in October.
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Austria's federal government on Tuesday, August 2nd, announced the first of many one-off payments to cushion the effects of rising inflation in the country, ORF reported.
A €180 per child "special family payment" is ready to be sent out to families in Austria, according to ÖVP government members Susanne Raab and Magnus Brunner. As of tomorrow, the finance offices will transfer the amount per child "directly to the account" of families.
"The payment happens automatically, the money comes into the account with the normal family allowance (Familienbeihilfe)", Raab said.
READ ALSO: EXPLAINED: What you need to know about parental leave in Austria
The Familienbeihilfe is a social benefit paid monthly to every child resident in Austria until they turn 24 – with some exceptions.
The amount depends on the child’s age but can reach €165.10 monthly for one child. Furthermore, since every child is registered for this benefit, the bonus payment can be made automatically.
In total, the government is spending some €340 million on the measures. "Around 1.8 million children in 1.1 million families will benefit", she added.
Cost of living bonuses
In June, Austria’s government 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.
The assistance comes as inflation in Austria hit a record high of 9.2 percent in July, with prices of essential items becoming increasingly more expensive.
READ ALSO: EXPLAINED: How Austria’s new finance measures could benefit you
Other payments are expected for September, when 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 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 - although children receive half of the total amount - in October.
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