Your paycheck will always contain two different amounts: your gross salary and your net salary. During salary negotiations, however, only the gross pay is usually discussed, precisely because the net amount differs significantly from one person to another. But what exactly is the difference between the two?
Your gross pay is the total amount of your salary that still includes taxes and deductions. If you’re also entitled to fringe benefits or benefits-in-kind (BIK), such as a company car or laptop, the value of these is also first added to your gross salary.
The calculation from gross to net is done in two steps, corresponding with two amounts that are deducted from your gross pay:
What’s left after the payroll withholding tax is also deducted from your gross pay, that’s your net salary. In theory, this is the amount that ultimately is deposited into your bank account, although certain net (and therefore untaxed) benefits can be added to this, such as a home office allowance or commuting allowance. Also important: the value of your fringe benefits that was initially added to your gross salary is deducted again at this step. After all, the benefit consists of the use of something, not another financial compensation.
The exact difference between gross and net, as mentioned, is never 100% the same for everyone, not even for two people with exactly the same gross pay. For example: an unmarried white-collar worker earning 2,500 euros gross retains on average about 1,977 euros net of this pay. Then again, for a legally cohabiting white-collar worker with the same gross salary, the average net salary is about 1,960 euros. Of course, this example is only an estimate based on the rates in effect for the income year 2023. Your effective net salary will also depend on the professional and personal situation of you and your partner, and your dependents.
"}},{"componentType":"highlight","title":"(Pleasantly) surprised by your net pay?","richBody":{"value":"From the golden money rule to the best time to deposit your savings, discover all our tips for saving like a pro here.
"}},{"componentType":"sectionTitle","title":"What aspects determine your net salary?"},{"componentType":"paragraph","richBody":{"value":"To calculate how much net pay you’re left with, you need to know a few parameters that you, your employer, or your payroll services provider can then enter into a gross-net calculator:
Discover the ING Do More 18-25 bank account pack, perfectly crafted for the best years of your life, and free if you're under 26!*
"},"textLinks":[{"url":"/en/individuals/daily-banking/free-bank-account","text":"Discover the ING Do More 18-25 bank account pack, perfectly crafted for the best years of your life, and free if you're under 26!*"}]}]},"legalZone":{"flexComponents":[{"componentType":"paragraph","title":"Legal information concerning the ING Do More 18-25 Pack","richBody":{"value":"*Subject to applicable taxes
The ING Do More Pack contains an ING Green account. The ING Green Account is a current account for adult individuals. It can be applied for in an ING branch or directly online (at ing.be), or by using the ING Home’Bank services, and can be opened upon signature of an account opening form at an ING branch or remotely in the case of online applications. Online applications to open an account (via ing.be) are reserved solely for legally competent private individuals residing in Belgium at the time of application and with an e-mail address. A maximum of two account holders per ING Green Account and no mandate holder can be authorized if an application is submitted online (via ing.be). Unless otherwise agreed, if there are two account holders, each holder has the same administrative powers and signs alone for his or her transactions (including closure of the account).
Pack with a monthly flat fee of 5.00 euros. A total of at least 700 euros deposited each month on the account results in a reduction of the monthly flat fee from 5.00 euros to 1.90 euros per month. This applies to every month in which the conditions are met. Deposits from an own ING private account are not considered for the discount.
To allow you to take the necessary measures, you will benefit exceptionally from the discounted monthly flat fee of 1.90 euros for the first two months after the opening of the package. Thereafter, you pay the monthly flat fee depending on whether you meet the condition of at least 700 euros of incoming transfers per month. ING will check on your account every month if this condition is met.
No monthly flat fee will be charged to the account if all holders are between 18 and 25 years old. Subject to the applicable taxes.
ING Do More Pack holders have the option to request a Visa Classic credit card that is free in the first year. This offer is only valid if this is the only and first credit card linked to the pack. Afterwards, the yearly fee of the Visa Classic credit card is charged. This yearly fee is 27 euros per year, or 10 euros per year when you’re younger than 26 years old. Your request to provide a credit card via ing.be is valid subject to acceptance by ING Belgium and does not bind you as long as you have not signed the ING Visa Classic contract.
ING has taken out insurance policies for its ING Visa Classic customers with
For details of the conditions, exclusions and limitations of the aforementioned insurance, please see the General Terms and Conditions of your ING Visa Classic credit card (PDF) in any ING branch and at www.ing.be
Fees are subject to change with prior notification.
The ING Do More Pack also contains two insurances: Purchase Protection Insurance and Ticket Cancellation Insurance
ING has contracted insurances for its Do More Pack holders with:
Claims handling for the insurance policies included in the Do More Pack will be performed by:
You can find the full conditions, exclusions and limitations of the above insurances in the General Terms and Conditions Insurances (PDF) as well as the Insurance Product Information Document (PDF) at all ING branches and on www.ing.be. The ING Green Account is also available without those insurances.
Any opening of an ING Do More Pack is subject to prior acceptance by ING Belgium SA/nv and mutual agreement. Terms and conditions of the ING Do More Pack (regulations, rates, Fee Information Document and additional information) are available at all ING branches, at ing.be or by phone on +32 2 464 60 04
Please read the following documents:
Charges Applied to the Main Banking Services and Transactions for private use (PDF)
General information regarding accounts, digital channels and cards (PDF)
Home'Bank, Business'Bank and the ING Banking app are available to all Home'Bank, Business'Bank or ING Banking subscription holders (subject to acceptance by ING and mutual agreement). All relevant information, such as the Home'Bank, Business'Bank, (annexed to ING’s General Regulations), the General Terms and Conditions of the ING Banking app, transaction fees, is available on www.ing.be, at your ING branch and by telephone on 02 464 60 04.
ING+ deals Belgium aim to provide customers with advantages in the form of discounts valid for purchases from its commercial partners.
As part of the ING+ deals, ING in Belgium organises one or more time-limited Promotions each year. For each Promotion, ING in Belgium provides the list of participating commercial partners as well as the advantage(s) they are offering through its Home’Bank/ING Banking services. These advantages are guaranteed within the limits (terms and/or conditions) set out in the commercial partner's offer.
To participate in a Promotion, ING in Belgium Customers must sign up for it via the "ING+ deals" page of ING in Belgium’s Home’Bank/ING Banking services. Before signing up for a Promotion, the Customer must provide details of an account into which all the discounts due in respect of the Promotions will be refunded. The Customer must be the holder or joint holder of this account, which must be an ING Lion Account or an ING Green Account with ING in Belgium. This reference account will remain the same for any new Promotion organised by ING in Belgium.
ING in Belgium makes said reimbursement during the first few working days of the month following that in which the Customer's purchase is made as referred to in the Promotion, or if a right of renunciation/withdrawal to be exercised in respect of the commercial partner is applicable for the purchase made as referred to in the Promotion, following the month following the end date of the renunciation/withdrawal period laid down by the terms and conditions of the commercial partners' offers, provided you have not exercised this right of renunciation/withdrawal. If this right is exercised, the Customer automatically loses the right to have the discount refunded for the Promotion in question.
The aforementioned period will in any case never exceed 45 calendar days from the date of the Customer’s purchase as referred to in the Promotion.
A Customer may sign up for a Promotion at any time during its validity period. If the Customer signs up for an ongoing Promotion, they will nevertheless benefit from all the advantages related to the Promotion in question throughout its duration, in accordance with the terms and/or conditions set out in the offer from the commercial partners and for all purchases, even if purchases were made before signing up for the Promotion. However, in order to benefit from the discount offered on online purchases in connection with a Promotion (provided this option is offered in connection with said Promotion), the Customer must first log onto the "ING+ deals" page of the Home’Bank/ING Banking services of ING in Belgium and click on the offer of said commercial partner in order to be redirected to said commercial partner's website.
Full terms and conditions are available at www.ing.be, in all branches of ING or by phone on +32 2 464 60 04. View the general terms and conditions of ING+ deals here.
ING Belgium NV/SA – Bank/Lender – Marnixlaan/Avenue Marnix 24, B-1000 Brussels – RLP Brussels – VAT: BE 0403.200.393 – BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789 – www.ing.be – Contact us via ing.be/contact – Insurance broker, registered with the FSMA under the number 0403.200.393.
"}}]}}}