The 2024 Budget Act

News No. 2/2024

On December 30, 2023, Law No. 213 was enacted regarding the “State Budget for Fiscal Year 2024 and the Multi-Year Budget for the 2024–2026 Period.” The law took effect on January 1, 2024, with the exception of the provisions set forth in paragraph 296, which took effect on December 30, 2023.

This year's Budget Law has been divided into two sections:

1. Section I, consisting of a single article and 561 paragraphs, containing the quantitative measures for achieving the program objectives;

2. Section II, consisting of 20 articles, containing the approval of the budget estimates.

Below is a summary of the most important measures related to employment and social security.

Summary:

• Confirmation of the Tax Wedge Cut                                  

• Exemption Threshold for Fringe Benefits                    

• Tax Exemption for Productivity Bonuses                             

• Social Security Contribution Relief for Working Mothers                           

• Parental Leave Policies                                    

• Daycare Bonus                                                                       

• Apprenticeship Programs                                                    

• Tax Relief for Hiring Women Who Are Victims of Violence           

• Policies Supporting People with Disabilities                                      

• Complementary Training in the Tourism and Hospitality Industry     

• Combating Tax and Social Security Evasion in the Domestic Work Sector                                         

• Restrictions on Offsetting INPS and INAIL Claims          

• Fund for Employment Crises in the Publishing Industry    

• Measures for the Health of Cross-Border Workers                

• ISCRO Measures                                                                             

• Increase in Contributions to the Separate Pension Fund                        

• Extension of Social Safety Net Measures                                                 

• Contribution-Based Redemption of Periods Not Covered by Contributions  

• Pension Adjustment                                                    

• Contributory Pensions: Requirements, Effective Date, and Amount             

• Women's Option                                                                        

• Quota 103                                                                               

• Social APE                                                                              

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Confirmation of the Reduction in the Tax Wedge (Art. 1, paragraph 15)

For pay periods from January 1, 2024, to December 31, 2024, as an exceptional measure, employees are exempt from the portion of social security contributions for disability, old age, and survivors’ benefits that they are required to pay:

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