Children’s Allowance To Increase By €250 For Every Child

Oct 30 2023

During the unveiling of Budget 2024, Finance Minister Clyde Caruana revealed that children’s allowance will increase by €250 for every new child as well as those already born.

With around 6,200 children and 41,000 families, this will amount to an approximate €15.5 million spend.

The Minister followed this by revealing that parents who go over the age required to receive a children’s allowance, the parents will also be eligible for a special allowance when they continue a full time education.

The allowance will be one of €500 per year for three years as long as the children continue to live with them at home and study full time.

This benefit will be given to parents who began their first post-secondary year starting this year. It will be paid at the end of the scholastic year.

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€10,000 Grant Increase for First Time Buyers Purchasing UCA or Vacant Property in Gozo

Oct 30 2023

As revealed in today’s Budget 2024 event, property-seekers purchasing previously-vacant properties or properties in Urban Conservation Areas in Gozo will benefit from an additional €10,000 in their First Time Buyers Grant.

This would mean that the total grant received for First Time Buyers purchasing property in Gozo will increase from €30,000 to €40,000.

Urban Conservation Areas refer to zones which are of architectural of historical importance and are, by law, protected. Areas such as these often include multiple buildings with traditional architecture, brightly-painted doors & balconies, century-old farmhouses and more.

This, and more, was revealed by Finance Minister Clyde Caruana as part of this year’s ‘Malta Ġusta’ Budget, a budget which Robert Abela referred to as a ‘holistic plan for a brighter future, improving the welfare of every citizen.’

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OFFICIAL: COLA Increase to Amount to €12.81 per Week

Oct 30 2023

Finance Minister Clyde Caruana reiterated the Cost of Living Adjustment will amount to €12.81 per week.

Whilst addressing Malta’s economic and fiscal future, Minister Caruana predicted that Malta’s economy is forecasted to grow by 4.2% in real terms, and 7.4% in normal terms.

The Minister went on to highlight that a 4.4% increase in employment is expected over the next year. Caruana also held that unemployment is expected to remain low, at a rate of 2.7%, while inflation is expected to drop to 3.7%.

It was also highlighted that, over the next years, minimum wage will be increased substantially, as agreed by social stakeholders. Until 2027, minimum wage will increase to between €12 and €18 per week, in addition to the statutory Cost of Living Adjustment (COLA).

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Increase For Pensioners At €780 Per Year

Oct 30 2023

During the unveiling of Budget 2024, Finance Minister Clyde Caruana revealed that pensioners will be receiving another increase when it comes to cost of living.

All pensioners will be receiving an increase of €15 per week, or €780 per year, making it the biggest increase that pensioners have received in one year.

The increase will apply to pensioners in retirement, those who lost their spouses, those of invalid pension and those who receive an age pension.

The Minister also revealed that, in 2006, the government had split pensioners between those born before 1962 and those after.

Pensioners born before the aforementioned date had a guaranteed increase to address the cost of living. Those born after the date had a mechanism introduced which would see an increase: 70% of which is based on salary increase and 30% based on inflation.

The current government pledges that, as of next year, the mechanism applied to those born in or after 1962, will also apply to those born prior.

The government will also be introducing exemptions from tax for those over the age of 61 years. As of next year, the pension for widows will no longer be taxable for those who have not yet reached 61 years of age.

#MaltaDaily