Forecasted Rates 2024
In Belgium there is an automatic, mandatory enforceable salary increase at the start of every year for all employees working for companies subject to the Joint Industrial Committee 200 (JC 200).
Amazing right? Maybe for the employees, but not so much for the employers if budgets are tight.
In January 2023, Belgian employers (subject to JIC 200) increased staff compensation by 11.08%. The rate was a record high and considerably higher than 2022’s increase of 3.58%.
As we enter Q4, finance experts are looking to see the rates expected for 2024 and if we will need to prepare for another big increase.
Current forecasts project that the increase will be approximately 1.5%. Although this is significantly lower than the increase in 2023, employers need to prepare and begin budgeting for the new financial year.
It is important to note that the rate of indexation is automatically applied from 1 January and is mandatory for all employees subject to JC200, which is applicable to most white-collar workers in Belgium.
