In order to stimulate the economy, outgoing minister De Jager has decided to release employee savings accumulated between 2006 and 2009 early. The balances will be released effective September 15, 2010.
In doing so, De Jager is acting on a motion passed by the Lower House. More than four billion Euros of accumulated employee savings will be released early as a result of this measure. It is expected that this will increase consumer consumption, which is good for the economy. In order to achieve an early release, a legislative bill will have to be submitted to Parliament.
Employee savings plan
Under the employee savings plan, employees are able to save a maximum of EUR 613 of their annual gross salary, free of tax. The employers however, pay a final levy of 25%. The money will have to be transferred to a separate savings account and must remain inaccessible for at least four years. In specific situations, such as buying your own house or starting your own company, the money may be released sooner, free of tax. The blocked part of the employee savings will not be included in the capital yield tax base with regard to income from income from savings and investments in box 3.