From 1 January 2024, young people from the age of 18 will start accruing a pension. This used to be from the age of 21. The aim of the new Future Pensions Act is to enable as many workers as possible to build up a pension and to strengthen the financial future of all workers. Because pension is accrued from the age of 18 to 68, there is more time to contribute premiums for the pension benefit. Together, we ensure value, now and in the future.
Minor adjustment through use of payroll tax chain
Employers in hospitality and catering will contribute pension premiums for employees from the age of 18 starting 1 January 2024. As this is automatically processed via the payroll tax return with the Tax and Customs Administration, it only needs to be set up in the salary Membership.
Impact of change on salary
Employees who are between 18 and 21 years old as of 1 January 2024 should be aware that the pension premium will be deducted from the gross salary. Both the employer and the employee pay 8.4 percent premium (so the total premium is 16.8 percent). This can be found on the payslip.