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What will change for your finances in May?

What will change for your finances in May?

A new month has begun. This means that some things will change again which could have an impact on your budget.

Benefits are higher in May

The latest report from Belgian statistics agency Statbel shows that Belgian consumer prices rose by 3.37 percent compared to last year. This means that the central index has been exceeded, which means that government benefits and wages are automatically adjusted to suit increasing age.

  • Benefits will increase in May, followed by wages for civil servants in June.
  • What if you work in the private sector? The method and timing of wage indexation depends on the joint committee to which you belong. For example, the wages of white-collar workers are adjusted from the PC200 at the beginning of each year to match their increasing life expectancy.

Mandatory living wage registration with the VDAB

From May, people with a living wage are obliged to register with the VDAB employment service.

  • This measure should ensure that more Flemish people get a job. Of all people receiving a living wage, barely a fifth are working after a year, but if living wage earners are registered with the VDAB, this proportion rises to 40 percent. The Flemish government aims to increase the employment rate to 80 percent.
  • There will be close cooperation with OCMW. Once the person concerned has registered with the VDAB, the OCMW will be able to decide whether to provide guidance for the work himself or whether to contact the VDAB for this purpose. Compulsory VDAB registration will give clear visibility to all living wage recipients who can take steps towards employment.
  • Anyone of working age who is already earning a living wage will have three months to register. Anyone who applies for a living wage will be given four months to register after OCMW decides on the grant.
  • Some people will not be able to take steps to work for certain reasons, such as health problems. Anyone who qualifies and intentionally fails to cooperate risks being penalized by OCMW.
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Starting this month, more people will be eligible for health insurance reimbursement when purchasing contact lenses and glasses. RIZIV lowers the threshold for power compensation of the lens or eyeglass glass.

  • The threshold for determining when a person is eligible for compensation for eyeglasses has been lowered from 7 to 6 diopters (either positive or negative). The government previously reduced this limit from 7.75 to 7 diopters.
  • The limit will also be adjusted downward for contact lenses. As of May, this will also be 6 diopters, compared to 7.75 diopters today.
  • According to RIZIV, this change means that approximately 105,000 additional people with severe nearsightedness (negative diopters) or farsightedness (positive diopters) are eligible for compensation for eyeglasses. For contact lenses, this concerns about 154,000 additional people.
  • People can get their money back for glasses and contact lenses at the same time. This concerns reimbursement of the costs of compulsory health insurance. This can still be supplemented through health insurance funds.

A paper tax return is sent

Anyone using MyMinfin, FPS Finance's digital platform, can complete their tax returns today. Anyone who chooses the paper route will receive their tax return in May.

  • Anyone who completes their tax return on paper has until June 30 to do so. The deadline will be postponed to July 15 for those using Tax-on-web. Tax authorities expect the complex returns to arrive in their mailbox by October 16 at the latest.
  • Four million citizens will receive a VAA proposal. Don't forget to check this, because tax authorities are prone to making mistakes.
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Do you want to stay up to date with everything happening in the financial world? Niels Silence, a journalist with a passion for finance, follows everything closely. during this link You can subscribe to his daily newsletter.