What are the benefits of working in Austria?

What are the benefits of working in Austria?

If you intend to move to Austria to work there, know the advantages that this European country has on offer for you. Its capital city Vienna has been ranked as one of the most liveable cities in the world. Austria has an excellent quality of life and is renowned for winter sports, such as skiing, mountaineering, snowmobiling, etc.

Work hours and Paid Vacation

Migrant workers need to put in forty hours a week and 8 hours a day in Austria. If anyone works for more than 40 hours per week, they get compensated at a rate of 150% over their regular pay. Paid leave of about five weeks is given to them. They have 13 public holidays in a year.

Minimum Wages

Though there are no minimum wages in Austria, the government decided to fix the minimum wage at €1,500 per month in 2020 for all sectors. This is also far higher than what most of its European counterparts pay. The minimum wage in Austria includes basic income, incentives, overtime pay, and compensation for time not worked as well. All of this makes this country an attractive one for foreigners to work in.

Taxes: Income Tax

• 0% – Up to €11,000
• 25% – €11,001 to €18,000
• 35% – €18,001 to €31,000
• 42% – €31,001 to €60,000
• 48% – €60,001 to €90,000
• 50% – €90,001 to €1,000,000
• 55% – €1,000,000 and above

Social Security Benefits

All foreign workers in Austria are given a social security number, which allows them access to Austria’s social insurance benefits. The social insurance system covers all the employees here, such as by providing free medical treatment for employees and their dependent family members. They are also covered by accident insurance. Social insurance will include aspects such as incapacity to work, sickness, maternity, unemployment, healthcare, old age, survivors’ pensions, etc.

Health insurance comprises obligatory maternity coverage: all members of a migrant’s family are covered for insurance (subject to certain limits) and childcare allowance, among others.

Accident insurance covers accidents at workplaces and occupational illnesses and their consequences, such as invalidity and occupational incapacity.

Pension insurance includes benefits such as an old-age pension.

Unemployment insurance provides benefits to the unemployed (these are, for instance, social welfare and unemployment benefit payments).

Employees and self-employed are covered by health insurance (Note: employees drawing minimum wages are covered automatically).

Maternity, Paternity, and Parental Leave

Eight weeks of maternity leave is granted to women before and after delivery.

In 2019, the Austrian government initiated ‘Daddy month’, allowing new fathers to take leave for one month after their child is born.

Parents are also allowed to take parental leave of two years or can opt to work reduced hours until the child is aged four, based on the employer’s agreement. Either of the parents can transfer their leaves once between each other.

Childcare Benefits

Both parents are qualified for childcare allowance, ranging from the first 12 months after the delivery till the time the child is 30 to 36 months old.

Additional Benefits

Employees wanting to pursue education are encouraged a lot in Austria as they add value to both the companies and themselves. Finally, employers support employees by covering their additional study expenses. The employees who complete their courses successfully in Austria are entitled to a bonus or promotion.

Do you want to work abroad? Get proper guidance from Y-Axis, the World’s no.1 Overseas Consultant.