Deutsche Bank proposes tax on people working from home

Deutsche Bank proposes tax on people working from home

Tax working from home 'to support vulnerable jobs'

According to Deutsche Bank's Konzept #19: What we must do to rebuild report, additional taxes should be levied to help support workers in jobs that are under threat, with the income generated used to fund pay increases for people who can not work from home.

The report suggests that the employer pays the tax if it does not provide workers with permanent desk, and that employees pay it if they choose to work from home regardless. Otherwise, staff should pay it out of their salary for every day they work from home.

The tax raid would rake in £6.9billion a year in the United Kingdom, according to Germany's biggest bank.

"Many of these people are those who assumed the health risks of working during the pandemic and are far more "essential" than their wage level suggests", Templeman said.

Luke Templeman, Deutsche Bank's thematist strategist said: "For years we have needed a tax on remote workers - COVID has just made it obvious".

The reports said, "Quite simply, our economic system is not set up to cope with people who can disconnect themselves from face-to-face society,". A five per cent tax for each WFH day would leave the average person no worse off than if they worked in the office.

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In the United Kingdom, an assumed average salary of £35,000 ($46,400) works out to just under £7 ($9.28) per day, he added.

Many people are discovering they enjoy working from home.

As per Deutsche Bank's proposals, the new tax could also sustain people who have lost their jobs or been compelled to take on lower-paid roles while they retrain.

Employees who continue working from home after COVID-19 should be taxed in order to help support lower-paid workers.

"The virus has benefitted those who can do their jobs virtually, such as bank analysts, and threatened the livelihoods or health of those who can't", added Mr Templeman.

But there are millions who can not work from home, including workers in essential shops which remain open such as supermarkets, and factory workers. "That means remote workers are contributing less to the infrastructure of the economy whilst still receiving its benefits".

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Research from Deutsche Bank shows that one third of people want to continue working two days a week from home once the pandemic is over.

Deutsche Bank said Tuesday that people choosing to work from home rather than in an office should be taxed 5% of their salary, with the money used to support people on low incomes who can not do their jobs remotely.

Deutsche Bank is an investment bank based in Frankfurt, Germany.

The move follows official government guidelines in the country under the latest coronavirus measures that state '[workers] must work from home if you can effectively do so.

The work from home movement has been growing.

More than half planned on reducing their long-term use of workplaces.

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