The family allowance, the multiple-child supplement and the child deduction, the childcare allowance and the family time bonus, and the school starting allowance are adjusted annually in line with inflation. For 2024, families in Austria will receive 9.7 percent more from 1 January due to the valorization. That is up to 2,200 euros more per year.
“By increasing family benefits in line with inflation, we have been able to achieve significant relief for families in Austria. I am very proud of this because families are the heart of our society and they must be at the center of our policies. This can also be seen in the family budget, which at 8.7 billion euros is higher than ever before. By increasing the value of family benefits, we are further supporting and relieving the burden on families: in the coming year, all family benefits will be increased by 9.7 percent and families will receive up to 2,200 euros more,” emphasizes Family Minister Susanne Raab.
Adjusting all family benefits to inflation means that the funds for family allowances will increase by 433 million euros and the funds for childcare allowance by around 117 million euros in 2024. In total, 1.2 million families and 1.9 million children would benefit from the valorization, the family minister said in a press release.
The valorization of family benefits using the example of a family:
Childcare allowance: Depending on which option you choose for childcare allowance, this is between 1,000 and 2,000 euros more.
Family allowance plus the child deduction of around 212 euros per child if the child is under 3 years old.
With inflation, as it is now, up to an additional 2,200 euros per year will be paid out.
The family time bonus during the daddy month has been doubled to allow more fathers to take family time. This means an increase from 740 euros to over 1,480 euros per month, further strengthening fathers’ participation. This amount will be valorized annually and will, therefore, amount to around EUR 1,600 per month from 1 January 2024. Since January 1, 2023, the family time bonus has no longer been offset against any childcare allowance received later by the father.
Childcare allowance: The additional earnings limit for income-related childcare allowance, intended to enable marginal employment, will be increased from EUR 7,800 to EUR 8,100 in 2024.
From January 1, 2024, the Family Bonus Plus for adult children will be increased from EUR 650 to EUR 700, and the additional child allowance will be increased from EUR 550 to EUR 700.
- source: oe24.at/picture: pixabay.com
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