This week, 63,000 individuals are set to receive five additional payments, totaling an investment exceeding €25 million. These payments encompass various benefits, such as the Bonus for those ineligible for contributory pensions, Elderly Assistance, Additional High Cost of Living Benefit, and the initiation of pension adjustments for individuals born prior to 1962 and Roman Catholic pensioners.
Minister for Social Policy and Children’s Rights, Michael Falzon, and Permanent Secretary Mark Musù shared these details during a press conference.
Approximately 13,000 people, not meeting the requirements for a contributory pension, will receive a bonus starting this Saturday, with an investment of €7.2 million. The bonus has increased this year, ranging from €50 to €500 for those contributing between 1 and 4 years and €600 for those contributing between 5 and 9 years. Beneficiaries reaching 75 years of age will continue receiving the bonus alongside Elderly Assistance.
Since its launch in 2015, this benefit has disbursed almost €41 million. Additionally, Elderly Assistance will be distributed at the end of this week, benefiting around 40,000 individuals, with an investment of €14.9 million. This year, the Elderly Assistance is increasing by €50, with those aged 75 to 79 receiving €300 annually and those aged 80 and above receiving €450 annually.
The Permanent Secretary clarified that the Department of Social Security is gradually equalizing pension rates for individuals born before 1962. To date, over €2.5 million has been processed in nearly 5,000 pension reviews. Furthermore, starting February 9, an additional increase will be provided to 1,650 Roman Catholic pensioners, part of an ongoing process that will fully commence pension payments to surviving spouses after another 3 years.
This additional amount, in addition to the €15 received at the beginning of the year, will be adjusted based on the spouses’ salaries at retirement. The Permanent Secretary also noted that approximately 200,000 people have received the additional COLA benefit, amounting to a total expenditure of €16 million.
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