💸 BUDGET 2025 HIGHLIGHTS
✅ The 2025 Budget was held on the 28th of October, revealing new government measures.
→ The new measures address several topics, such as tax rates, COLA, and pensions.
→ Several major takeaways were mentioned.
✅ The working population is... primarily impacted by the new budget.
→ The tax band will be widened, leading to a surplus of €475 per worker.
→ The Cost of Living Adjustment (COLA) has been established at €5.24 per week.
→ COLA Plus will be received by 100,000 households in 2025.
→ The minimum wage will see an increase of €8.24, adding up to €221.78 a week.
✅ New benefits and allowances for parents and families.
→ Children’s allowance to increase by €250 per child.
→ Disability allowance for children to increase by €5 weekly, reaching €35 per week, benefiting 2,510 children.
→ Marriage allowance to rise by €170, reaching €500 per person.
→ Foster parents to receive an additional €10 per week, totalling €6,240 yearly per child.
→ Tax credit increase of €250 for parents with children attending specialised therapy.
✅ The elderly and pensions got a specific mention as well.
→ Pensions will increase by €8 per week, leading up to a yearly total of €416.
→ People born in and after 1976 are to contribute to National Insurance (NI) for an additional year before being eligible for a full pension, totalling 42 years.
→ Around 7,500 widowers across Malta will benefit from a €3 increase in pensions.
Read the Article! 👇
https://timesofmalta.com/article/budget-2025-ataglance-measures-impact-you.1100218