In the Netherlands, the holiday payment, "vakantiegeld", is a mandatory benefit that amounts to 8.33% of an employee's gross annual salary. It is designed to support employees financially during their holiday periods, though it can be used for any purpose.
While the standard practice in the Netherlands is to pay this allowance annually, typically in May, ITSync stands out by providing this benefit on a monthly basis. This approach aims to offer our employees greater flexibility and ease in managing their finances.
The calculation of the holiday payment at ITSync is straightforward:
It's important to note that the holiday payment is subject to income tax, just like the regular salary. Therefore, the net amount received will be less than the calculated gross amount, depending on the applicable tax rate.
At ITSync, we ensure that all our employees, including part-time workers, benefit from this policy. The holiday payment is integrated into the monthly salary, offering a consistent increase in the overall monthly earnings. It is also included in the example of the monthly payslip (proforma) we provide you
Our consultants that work for ING have an additional monthly addition that is called the '13th month salary'. This concept involves paying employees an extra month's salary at the end of the year, typically in December. This 13th salary serves as a bonus or additional benefit, separate from the holiday allowance, and is intended to provide financial support during the holiday season. ITSync makes sure that it is also paid to you monthly which offers a consistent increase in income throughout the year, allowing employees to have more immediate access to their funds.