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).