Budget 2024: €780 Increase For All Pensioners In Malta
Pensioners in Malta are set to get a €780 increase annually, Finance Minister Clyde Caruana has announced in this evening’s budget.
This means pensioners will be getting an extra €15 a week, which includes the COLA increase of €12.81 a week.
Caruana described this as the “largest pension increase” in Malta’s history.
Aside from this, the children’s allowance will also see a historic increase of €250 a year, while the Carer’s Allowance will increase by €1,000 a year.
The one-time childbirth and adoption bonus will increase from €400 to €500 for the first child and from €400 to €1,000 for the second child.
This also comes as Malta is set to give out €350 million to subsidise electricity, water, fuel, cereals and animal feed next year. This year’s budget places a strong focus on subsidies, some set to be in place until 2026.
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