BUSINESS

Tax hikes hit salary earners

TAGS: Economy

After retirees were shocked by cuts to their pensions on Wednesday, on Thursday it was the turn of salary workers to be unpleasantly surprised by their slashed monthly incomes. Both were due to the new tax rates and the increased solidarity levy that have now come into force.

Those earning up to 27,000 euros per year will notice a big drop in their salaries, while people making more than 41,000 euros/year will see their payment cuts grow bigger the higher their salary is.

The exception is those on medium incomes of 27,000 to 41,000 euros per annum, who stand to get a small increase in their salaries.

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