Money For Members

Tax cuts and benefit hikes: How much more money will you get in Sweden next year?

Emma Löfgren
Emma Löfgren - [email protected]
Tax cuts and benefit hikes: How much more money will you get in Sweden next year?
Sweden's price base amount is used to calculate, for example, student allowances and parental leave insurance. Photo: Henrik Montgomery/TT

Sweden is set to raise its so-called price base amount at the turn of the year, which means some people will be entitled to higher benefits or lower taxes than before.


The price base amount is used to calculate for example social insurances, and is set to be raised by 4,800 kronor for 2024, bringing it to 57,300 kronor in total (or 58,500 for the "increased price base amount", a hike of 5,000 kronor compared to this year).

It's an unusually large increase meant to, in part, offset Sweden's high inflation rate and cost of living.

This is likely to affect you if:

You pay tax in Sweden

Tax credits on earned income (jobbskatteavdrag) will increase from the turn of the year, which means that someone who earns, say, 30,000 kronor a month will end up getting their monthly tax reduced by 200 kronor.

Someone who earns 50,000 kronor a month will get a monthly deduction of 300 kronor.

Note that the new rates are for the income year of 2024, so they won't actually show up in your tax bill until 2025.

You're a high earner

Most people working in Sweden pay tax to the municipality and region where they live, but only people who earn more than a certain threshold additionally have to pay national tax.

This threshold will in 2024 be raised to 683,200 kronor per year, up from 598,500 kronor in 2023.

So if you earn less than around 56,900 kronor a month, you won't have to pay national tax.

If you earn around 70,000 kronor a month, this translates into a 1,600 monthly tax cut.


You receive Swedish student allowance

If you're studying in Sweden and receiving the full student allowance from Swedish student loan agency CSN, you'll get some 1,100 kronor more in your bank account every four weeks.

Foreign citizens are in some cases eligible for Swedish student financing.

You're on parental or sick leave

People on parental leave or sick leave in Sweden are entitled to benefits paid out at 80 percent of their normal salary, but only for earnings of up to a salary of around 44,000 kronor a month.

That cap will now be raised which means that the highest amount parents can get will increase by 102 kronor per day. This in turn means that someone earning more than the threshold will receive around 3,000 kronor more a month.


You receive a guarantee pension

Those who live on a low income or no income are entitled to a so-called guarantee pension (garantipension) once they  retire, which ensures they get a basic minimum pension regardless of their salary status while working. There are certain requirements, such as the number of years you have to have worked in Sweden, and you can't keep it if you leave.

The guarantee pension will be raised by around 1,000 kronor for singles and 880 kronor for married pensioners.

So how much will you actually get?

Well, probably not that much in the end.

Experts believe that Sweden's inflation rate will remain at around the current nine percent in the next year, so you should expect that any "extra" money you get will be eaten up by your costs, such as fuel, energy, food, rent and other costs of living.

What's the price base amount?

Sweden's price base amount (prisbasbeloppet) is calculated by national number-crunchers Statistics Sweden based on changes to inflation as measured by the Consumer Price Index.

Although the government formally has to give it its final stamp of approval, the price base amount is not really a political decision as such (unlike things like the budget and general tax hikes or cuts), and it gets adjusted for inflation every year.

Its main function is to be a kind of index figure to which other figures are tied, so that things such as social benefits and certain taxes are adjusted for inflation automatically. Businesses and other organisations in Sweden also sometimes use the price base amount to adjust, for instance, rents or membership fees.

All the estimates about how the new price base amount will affect net salaries and benefits in this article were made by banking giant Swedbank and reported by Swedish news agency TT.


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