What's new in fiscal year 2024: This is how the money changes affect consumers

What's new in fiscal year 2024: This is how the money changes affect consumers

According to a report by www.merkur.de, the year 2024 will bring with it numerous new regulations that will have an impact on many people's wallets. An overview of the most important financial innovations in January 2024.

The statutory minimum wage rose from 12 euros to 12.41 euros per hour at the turn of the year and the upper limit for mini-jobs was raised from 520 to 538 euros per month. Families with low incomes can also receive more support from the state from January 2024, as the maximum amount of the child allowance has increased to up to 292 euros per month and child.

Furthermore, citizen's benefit has increased by an average of around twelve percent for more than five million recipients. The minimum salary for trainees in their first year of training has increased by 4.7 percent to 649 euros per month. In addition, the care allowance for home care was increased by five percent and the care insurance fund increased the percentage surcharges for people in fully inpatient care facilities.

In addition to these positive developments, consumers also have to expect increased fuel and heating costs, as the CO2 price rose to 45 euros per ton on January 1, 2024. In addition, the regular VAT rate of 19 percent has been in effect again in the catering industry since January 1st, instead of the temporary 7 percent, which could lead to higher prices when eating out.

Overall, the increased social benefits and wages are likely to lead to increased purchasing power, which could have a positive impact on consumption and thus also on the economy. The increased energy costs, on the other hand, could further drive inflation and lead to a rise in consumer prices.

It remains to be seen how these measures will impact the market and the financial industry over the course of the year. It will be particularly interesting to see how increased social benefits and wages affect consumer behavior and economic growth.