Addressing the 2023 Budget, Minister Clyde Caruana revealed that despite the urging to reduce the cost of living adjustment, the government will not be doing so.
The Finance minister revealed that the government stood fast against this request as they want to send a message of solidarity with the workers and help them during the period of inflation.
‘As we help businesses with energy costs as well as COVID-19 induced costs, we will remain fair with all workers’ the Minister revealed.
As revealed prior to the budget, the rise in cost of living adjustment will be €9.90 per week. This raise will be given to all workers, pensioners and those on social benefits. Stipends will increase on a pro-rata basis.
The Minister revealed that the raise for pensioners on the island will be one of €12.50 per week including the COLA. This means pensioners will be getting a raise of €650 per year. This translates to €65 million in he pockets of 100,000 pensioner.
#MaltaDaily