Following the conclusion of the public consultation process on the Pensions Strategic Report for 2025, which was tabled in the House last December, the Government, as also promised in the Electoral Manifesto, is guaranteeing that there will be no increase, neither in the retirement age nor in the social security contribution rate.
Minister for Social Policy and the Family Michael Falzon, while confirming this, reiterated that this Government will continue to strengthen pensions through various measures planned throughout this legislature, and this will continue from the upcoming Budget.
Among these many measures, he mentioned the €50 per week increase spread over the entire legislature, the adjustment in the widow’s pension which from next year will be equivalent to the pension the spouse would have had if he were still alive, the Cost of Living Bonus which from next year will be the same for everyone, and the increase in the Maximum Pensionable Income which by 2028 will be the same for everyone, regardless of when they were born.
These are just a few of the many social measures that will be implemented over the next 5 years, not only for pensioners and the elderly, but also for families, children, persons with disabilities and other vulnerable persons.
Minister Michael Falzon also confirmed that in the public consultation process on the strategic pensions report, 14 submissions were received, 6 from organisations, 2 from private companies and another 6 from individuals.
Minister Falzon stated that this response was considered by the Pensions Strategic Group, led by Permanent Secretary Mark Musu, which is now formulating final recommendations to the Government, which recommendations exclude an increase in the retirement age or an increase in the social security contribution rate.
Minister Falzon concluded by saying that this is possible thanks to the strong economy and finances that our country has, so much so that in the last strategic report it was confirmed that there had been considerable improvement, both in the adequacy and sustainability of our pension system.
