7 changes that will impact your wallet in 2023

Ah, money! You never have enough of, it and everyone always wants what you have.

Meanwhile, we’re throwing 2022 out the window and rushing into 2023 at turbo-speed. With the new year comes new (likely to be failed) resolutions — and seven new changes that will impact your bottom line.

If you’re wondering what the changes are and what they mean for you and your precious geldje (money), then we’ve got something to help: a guide to the changes to your wallet in 2023. 💸

1. The minimum wage jumps up

Good news, minimum wage earners: from January 1, the government will implement an additional statutory minimum wage increase of 10.15%.

READ MORE | 9 major changes coming to the Netherlands in 2023

The minimum hourly wages for employees will increase to:

As such, the monthly wage is predicted to be €1,934.40 for adults over the age of 21. Not earning minimum wage? Sounds like you should be fighting for a 10% raise. 😉

2. Rising energy prices will be capped (somewhat)

Households and small businesses will be given a price cap on gas, power, and heating costs from January 1, 2023 — hoera! 🎉

man-adjusting-his-heater-energy-bills
Energy prices are rising, but you aren’t on your own. Image: Depositphotos

Yes, those paying energy bills — rejoice! The price cap means that any energy consumption below a certain price will be discounted by the government.

READ MORE | All you need to know about the Dutch energy subsidy and price cap

The price ceilings for 2023 apply to:

Of course, don’t go too wild and install a hot tub — anything over those price ceilings will be charged at your energy provider’s standard rates.

3. First-bracket taxes fall, and tax credits rise

Taxation for the first bracket (with annual earnings from €0 to €35,472) sees a small drop from 37.07% to 36.93%. Alright, it’s not much — but a win is a win, right? 🏆

Meanwhile, tax credits (a reduction in the income tax that you owe the government) will rise from €2,888 in 2022 to €3,070 in 2023.

4. The child budget, child benefits, and the price of childcare all increase

The amount of money that parents and guardians receive as child benefits (kinderbijslag) is also rising. The figures, paid per quarter, for 2023 are:

two-dutch-children-painting-easter-eggs-at-the-kitchen-table
Raising a child in the Netherlands can be expensive, but at least the government has your back! Image: Pexels

The hourly price of childcare is also on the rise, with the current rates for 2023 set at:

The Dutch child budget (kindgebondenbudget) for children who have special needs is also set to increase in 2023, with the maximum amount parents receive for a first and second child increasing by €356 per year.

The maximum amount for a third child is increasing by €468, whilst the amount for single parents is also increasing by €356.

READ MORE | The ultimate guide to applying for child benefits in the Netherlands

If it’s still all double Dutch to you, the government has a handy child budget calculator to help you calculate how much money you may be entitled to. Let op (take note): you may need to brush up on your Nederlands, as it’s all in Dutch. 🇳🇱

4. Applications for STAP budgets put on pause

Keen to upskill? The STAP budget is money you can receive from the government (up to €1000 per year!) to put towards formal training. Nice right?

Just one problem: the application period for the next round of STAP subsidies in January 2023 is being skipped, as the government announced that it requires time to implement measures against abuse.

READ MORE | Applications postponed for STAP budget to tighten rules

This means that the STAP budget will be divided over five periods in 2023 instead of six, though the budget itself will remain unchanged.

The next application period will open on February 28, 2023.

5. Health insurance is going up, up, up

Health insurance is one of those necessary evils in the Netherlands and is kinda ridiculously expensive. Every year, the price of the basic health insurance package increases — and 2023 is no exception.

READ MORE | ​​This is how much more you’ll pay for health insurance next year

Meanwhile, if your workplace offers health insurance at a discount, you may see an even more significant cost increase. The “collectivity discount” that allowed workplaces to offer this is being phased out from January 1.

READ MORE | Dutch health insurance in 2023: what’s new and how to switch

6. Basic scholarships make a grand return

Basic scholarships (basisbeurs) used to be money given by the government to people who are studying — however, they’ve been put on hold for years.

These were ultra handy because, while it was technically a loan from DUO, the entire amount was forgiven if you graduated within 10 years of commencing your degree. Free money! 🤑

dutch-students-discussing-a-university-assignment
University students may have a very welcome surprise planned for them in 2023. Image: Depositphotos

Loving the idea? You’ll love this more: DUO recently announced that the basisbeurs will likely be reintroduced for the 2023/2024 school year.

The amounts proposed are:

These grants are expected to come into effect in September 2023, if both chambers agree on the decision.

7. Low-income households get an energy allowance

An energy allowance of €1,300 will be gifted to low-income households in 2023. If you’re jumping up and down saying, “Pick me!” you’ll need to take that energy to your local municipality, where you can apply for the allowance.

What do you think of the latest changes planned for 2023? Tell us all about it in the comments below!

Feature Image:Freepik
Liana Pereira 🇱🇰
Liana Pereira 🇱🇰
Liana juggles her role as an Editor with wrapping up a degree in cognitive linguistics and assisting with DutchReview's affiliate portfolio. Since arriving in the Netherlands for her studies in 2018, she's thrilled to have the 'write' opportunity to help other internationals feel more at home here — whether that's by penning an article on the best SIMs to buy in NL, the latest banking features, or important things to know about Dutch health insurance.

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