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.