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💸 BREAKING RECORDS: RESIDENT PERMITS IN MALTA

✅ Malta has exceeded its record of issuing resident permits to Third Country Nationals in 2023.
→ More than 41.000 new residents received permits, which is at least 4.000 more than last year and more than ten times compared to the ...rest of the EU.
→ The record reached 76 new permits per 1.000 Maltese people.

✅ The largest share of these permits were issued towards new foreign workers.
→ It led to an additional 28.000 foreign workers, predominantly from India, Nepal, and Colombia.
→ This resulted in an increase of 15.3% in Malta's foreign population, while the native population increased by 0.1%.

✅ Since the Labour Party has been back in power, the population has grown by nearly 150.000 people.
→ Now, Prime Minister Robert Abela has introduced restrictions on new TCN work permits.

Read the Article! 👇
https://theshiftnews.com/2024/09/16/malta-set-new-record-for-foreign-worker-permits-in-2023/

💸 WAGE GAP: WOMEN EARN €129 LESS MONTHLY

✅ A new Labour Force Survey highlights the gender pay gap in Malta.
→ Female workers earned on average €129 less than their male counterparts.
→ It is said that this gap exists due to the high number of women who work ...part-time.
→ There are 35.726 part-time workers, of which 23.246 are women.

✅ It was discovered that women earn less monthly compared to men, even if they perform the same jobs.
→ Female managers earn €158 less per month compared to their male coworkers.
→ In professional roles, women earn €146 less than men, while in elementary jobs, they earn €158 less.
→ Furthermore, women earn €239 less than men in the sales and services sector, and €257 less in the financial and insurance sector.

Read the Article! 👇
https://www.maltatoday.com.mt/news/national/131375/male_workers_earn_129_more_on_average_than_female_workers

💸 BUDGET 2025: ADDITIONAL NI PAYMENTS

✅ Anyone born in 1976 or after has to contribute to National Insurance for an additional year for a full pension.
→ Their total number of required years of payment is now 42.
→ Finance Minister Clyde Caruana mentioned it is a necessary... step forward to maintain the pension funds.

✅ The contributing age threshold is 23, meaning it does not apply to anyone who starts working before this age, as they will reach the required years of contribution when they reach their pensionable age.
→ Anyone who has started working later in life will have to work an extra year for a full pension.
→ Though there will be no increase in the retirement age or the social security contribution rate.

✅ In recent years, the government has spent at least €400 million on improving the state of pensions.
→ Caruana highlighted the importance of economic growth and the creation of stable jobs for the sustainability of the pension system.

Read the Article! 👇
https://timesofmalta.com/article/born-1976-later-you-pay-extra-year-ni-full-pension.1100213

💸 BUDGET 2025: PENSIONS IMPROVED

✅ The Finance Minister, Clyde Caruana, has announced that the state pensions will rise by €8 weekly next year, leading to a total of €416 year-based increase.
→ This includes the Cost of Living Adjustment of €5.24.
→ Over 100.000 ...retirees, widows, disability pensioners, and others entitled to an age pension will benefit from this measure.

✅ The new budget will stimulate the older working population to continue working by increasing their tax exemptions.
→ The tax threshold has increased by 20%, meaning 80% of all earned income will be tax-free.

✅ In addition, the pensions of widows are to rise by €3 weekly.
→ The measure is implemented to compensate their partner's full pension had they lived and is to be paid in full by 2027.
→ A total of 7.500 widows and widowers are to be affected.

✅ The bonus rates have been adjusted to induce an equal bonus for all pensioners by 2027.
→ By 2027, every pensioner should be entitled to €21.53 per week.
→ The current rates are based on a measurement of 70% wage growth and 30% inflation.

✅ If an individual has insufficient National Insurance (NI) contributions for a full pension, they will have the right to an improved bonus.
→ Around 16.000 people are candidates for this bonus.
→ With nine years of contributions, individuals will receive a €1.000 bonus.
→ Those with fewer contribution years are to receive less.

✅ In community care homes, support for ages 75-79 rises from €300 to €350.
→ The €450 allowance for those over 80 remains unchanged.
→ In 2025, individuals born before 1962 will receive a further pension adjustment.

✅ Service pensioners are to benefit from an increase of €200, leading to a total of €3.666.
→ This number will not be considered for social security pension purposes.

Read the Article! 👇
https://timesofmalta.com/article/budget-2025-pensions-rise-8-per-week.1100199

💸 BUDGET 2025: NEW TAX RATES

✅ The tax bands will be widened in 2025, costing the government €140 million to implement.
→ The tax cuts were made possible as energy subsidy costs fell to 2.5% of total spending, down from 5% four years ago when introduced during the Covid ...crisis.
→ The subsidies will remain unchanged.
→ This course of action was expected after several hints were given by the Prime Minister, Robert Abela, before the 2025 Budget conference.
→ The first €12.000 of a worker's income will be tax-free in 2025, leading to around 18.000 low-income workers no longer being obligated to pay taxes.
→ The highest tax rate of 35% begins at a yearly salary of €60.000.

✅ Different sections of the population are affected.
→ Single people are to save between €435 and €675 on taxes in 2025 due to the new tax bands, providing they earn €12.000 or less.
→ Due to the distribution in tax rates, married people with an income of €15.000 and under will now have a 0% tax rate, saving between €375 and €650 each year.
→ Parents will have between €375 and €650 more to spend with these new tax bands, on the first €13.000 of their income.
→ These tax cuts and the increased children's allowance will give the average nuclear family of two parents and two children an extra €1.800.

Read the Article! 👇
https://timesofmalta.com/article/budget-2025-income-tax-slashed-wider-tax-bands-introduced.1100205

💸 BUDGET 2025: COLA RISES BY €5.24

✅ The cost-of-living adjustment (COLA) will be €5.24 a week in 2025, decreasing by more than half compared to the COLA of €12.81 this year.
→ Yearly, the COLA is given on a weekly basis to all workers to compensate for inflation, and the ...weekly amount will be taxed.
→ It is based on the minimum wage and the cost of a basket of goods.
→ Inflation was highly variable last year but has been brought under control this year.

✅ The new COLA is one of the lowest adjustments in the last three years.
→ During the last ten years, the average COLA was below four euros.
→ Due to ongoing price increases, the COLA shot up to €9.90 in 2023 and €12.81 in 2024.

✅ The additional COLA supplement, introduced in Budget 2023, will increase in 2025.
→ The supplementary amount will be determined by the number of children in a family and can reach up to €1.500 a year.
→ The complete amount will be split in two, of which the first will be deposited in December and the second halfway through 2025.

✅ Minimum wage to rise from €213.54 to €221.78 per week starting 1 January.
→ The €8.24 increase includes COLA and is tax-exempt.
→ It is the second consecutive increase as part of a four-year plan announced last year.
→ The annual increases is to continue, though capped at an additional €10 by 2027.

Read the Article! 👇
https://timesofmalta.com/article/budget-2025-wages-increase-524-week.1100203

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Embrace the power of the mo to spark conversations 🗣️ about men’s health. Every whisker counts in raising awareness and supporting vital causes.

Let your moustache be a badge of honour! ...🦸‍♂️

The Malta Salary & Tax Calculator
www.checkmysalary.mt

#Movember #GrowAMo #MoustacheMovement #GrowForGood #NoShaveNovember

💸 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