Dutch minister approves of savings release
Dutch Economic Affairs Minister says allowing consumers to use their save-as-you-earn deductions will boost the national economy.29 October 2008
THE NETHERLANDS - Dutch Economic Affairs Minister Maria van der Hoeven agrees it would be a good idea to allow consumers access to their save-as-you-earn-deductions and believes it would help revitalise the country's economy.
The minister was responding to a request by Agnes Jongerius, the chairwoman of the Dutch Trade Union Association (FNV).
In an interview with the Financieele Dagblad newspaper which was published on Wednesday, Jongerius said she wanted the cabinet to "release" this money for Christmas so that people would have more to spend.
Jongerius says that many companies dependent on Dutch consumers are being hard hit by the financial crisis and that the money would be a boost to the national economy.
Dutch taxpayers are permitted to save a portion of their salaries before taxes and reduce the amount of tax they pay. In return, the government demands that this money remain in a special account for four years. It may only be used before the four years are up in special circumstances; such as the purchase of a house.
[Radio Netherlands / Expatica]