Living in the Netherlands? Your buying power is about to increase: here’s why

Ja, you read that right! 😳

Now that’s a shocking headline — but you can shut that jaw and drop those eyebrows because it’s a fact. If you’re living in the Netherlands, you’re going to see your purchasing power increase in 2024.

Yep, while residents of the Netherlands have seen their purchasing power drop over the past few years, the tides are changing.

According to the Dutch Central Planning Bureau (CPB), our purchasing power is set to increase by 2.7% in 2024.

Here’s why. 👇

Wages are going up, inflation is going down

Firstly, Dutch wages are receiving a much-needed boost this year, with the minimum wage increasing.

However, it’s not just people who receive minimum wage who will see a boost in their income. Many workers in the Netherlands are expected to see some better figures on their paychecks.

READ MORE | Salaries in the Netherlands: the ultimate guide to Dutch wages

Not only that, but certain benefits are higher in 2024. (Huurtoeslag, we’re looking at you. 👀)

You can also expect to enjoy more bang for your buck, because inflation is continuing to drop this year. The CPB forecasts that it will sit pretty at around 2.9%.

So what do all these changes mean? Well, what they boil down to is that your purchasing power just had a gentle — but noticeable — nudge in the right direction.

We’re still not back to pre-coronavirus power

Not to rain on your parade, but it is worth noting that while this increase is great, we still haven’t returned to a pre-pandemic level of purchasing power.

READ MORE | The cost of living in the Netherlands in 2024

However, we’re not far off! This year, our wallets will only be 0.5% less effective than they were before our world was rocked by rona — and y’know what? We’ll take it.

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Feature Image:Freepik
Sarah O'Leary 🇮🇪
Sarah O'Leary 🇮🇪
Before becoming the Senior Editor of DutchReview, Sarah was a fresh-faced international looking to learn more about the Netherlands. Since moving here in 2017, Sarah has added a BA in English and Philosophy (Hons.), an MA in Literature (Hons.), and over three years of writing experience at DutchReview to her skillset. When Sarah isn't acting as a safety threat to herself and others (cycling), you can find her trying to sound witty while writing about some of the stickier topics such as mortgages and Dutch law.

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