Pensioners to receive €650 per year in addition to COLA

Oct 24 2022

Finance Minister Clyde Caruana revealed that pensioners in Malta and Gozo will be receiving a raise of €12.50 per week included with the COLA raise.

This means that the government will increase the raise for pensioners by €650 per year, and this will amount to €65 million in the pockets of around 100,000 pensioners.

The Minister said that in critical moments in the country’s economic history, the government remains rigid in its aim too help pensioners.

The Minister also announced a Bonus for the increasing cost of living, and the process which began in 2022 will continue to help pensioners on the island.

In 2023, around 56,000 pensioner will benefit from a raise of a maximum of €1.50 per week, which is a cost of around €1.7 million.

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New hospital for mental health assistance revealed during Budget

Oct 24 2022

Finance Minister Clyde Caruana highlighted during the Budget for 2023 that a new therapeutic centre will be opened for those who suffer from a double mental health diagnosis and addictive personalities.

A new recovery and well-being academy will be launched to give carers, professionals and other workers in the field the skills to work in the sector with expertise needed.

In the coming years, a new hospital centred around psychiatry aid next to Mater Dei Hospital will be built to complement the service given at Mount Carmel Hospital. This will be done using European funds, the Minister revealed.

The Mental Health Services (MHS) will promote a politics of promotion, prevention and support and will take a macro level to educate people on the complexities of mental health on the workplace.

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€10,000 grant scheme for first-time buyers extended

Oct 24 2022

During Malta’s Budget 2023 event, it was announced that the government will extend the €10,000 grant for first-time buyers.

The government will provide a grant of €10,000 to all first-time buyers purchasing a property which value does not exceed €500,000.

This measure will apply for all acquisitions from January 1st 2022 onwards and will not be subject to real-estate testing, with the government working with all commercial banks in Malta and Gozo which offer loans for residential properties.

Finance Minister Clyde Caruana expressed that such an initiative will breathe new life into Maltese youths and allow them to become home owners, with a push during their first years of investments.

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Malta’s students to receive stipend increase on pro-rata basis

Oct 24 2022

Malta’s students are set to receive an increase in stipend on a pro-rata basis, the Budget 2023 document has revealed.

In the country’s budget for 2023, which is centred around the slogan ‘Certainty and Stability‘, it was revealed that Malta’s COLA (Cost of Living Adjustment) will rise by €9.90, with pensioners to receive an increase of €12.50.

Meanwhile, Malta’s students will see an increase in their stipend on a pro-rata basis. In layman’s terms, this means that whatever is allocated will be distributed in equal proportions.

Minister for Finance Clyde Caruana is currently presenting Malta’s budget for 2023, with 122 pages of proposals and socio-economic measures.

What do you think of this decision?

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