Landeskreditbank - Slightly more parental allowance applications approved again in the southwest
Once again, slightly more single parents and couples from the southwest received parental allowance in 2023. The number of approved applications rose by around 2.7 percent to almost 150,000, according to preliminary figures published by the Landeskreditbank (L-Bank) on Thursday. In the previous year, around 146,000 applications were approved. The previous high was in 2020: at that time, the bank approved around 153,000 applications for parental allowance, according to a spokesperson.
The volume of parental allowance approved also increased slightly in 2023, totaling more than 1.1 billion euros. According to the annual report, this figure was 1.08 billion a year earlier. In 2019, the Karlsruhe-based development bank exceeded the one billion euro mark for the first time. The cut-off date for the current figures was December 15, 2023.
L-Bank CEO Edith Weymayr commented on the results: " Parental allowance reflects two major social developments: increasing digitalization in almost all areas and the shift away from traditional gender roles." Around 64% of all applications approved in 2023 were therefore submitted online. Of the almost 104,000 births for which parental allowance was approved, just under 52,000 fathers submitted the application alone or together with the other parent. This corresponds to a rate of almost 50 percent, according to the report.
It will be interesting to see how the changes to parental allowance will affect the figures next year. From April, parental allowance, which mothers and fathers receive as a wage replacement benefit if they stay at home after the birth of a child, will only be paid to couples with a maximum taxable annual income of 200,000. For single parents, the limit will be 150,000 euros. In addition, joint parental leave will be limited. The plans have not yet been finalized due to delays in the federal budget. The changes are to apply to births from April 1, 2024.
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- The proposed changes to parental allowance in 2024 will affect single parents, as the limit for their taxable annual income will be lowered to 150,000 euros.
- In contrast to the southwest, the Number of parental allowance applications approved in Baden-Württemberg's capital, Stuttgart, saw a slight decrease last year.
- Despite the changes, the Bank of Karlsruhe, also known as the Landeskreditbank, continues to play a significant role in providing finances for families in Baden-Württemberg and the Southwest.
- A single parent residing in Southwest Germany could benefit from the Parental Allowance, which is designed to provide financial support for fathers and mothers who choose to stay at home after their child's birth.
- It is essential for banks like the Landeskreditbank to consider the impact of such changes on families, particularly single parents, to ensure a seamless transit for parents receiving parental allowance.
Source: www.stern.de
