From Monday 17 December, over 45,000 families and 86,500 individuals will start receiving the additional COLA grant in their bank account. This was announced by the Minister for Finance and Labor Clyde Caruana and the Minister for Social Policy and Children’s Rights Michael Falzon during a news conference on the new mechanism for the cost of living for -vulnerable that was announced in the Budget.
Minister Clyde Caruana said that during the last years in our country the discussion had been going on so that the existing COLA mechanism could be revised so that those who can afford it the least would be covered the most. This never happened because an agreement was never reached between all the partners. Therefore, after a wide consultation, the Government is introducing this additional mechanism that covers those families most in need.
This aid will continue to be given every year and will be reviewed whenever the inflation rate is very high. If the inflation rate drops again to the levels recorded during the last years, the amounts will again be the same as this year. In this way this mechanism will be watching what is happening in our economy and will correct the amounts that the families will be receiving.
“This mechanism is designed on the principle of social justice. Those who can afford the least will be taking the most and the larger that family is, the greater the amount that will benefit from it because the greater the risk of poverty. With this mechanism, the poverty rate among the elderly will be decreasing by a percentage point. In addition, we have seen that this benefit will be sustainable and every Government tomorrow will be able to withstand its financial burden,” said Minister Caruana.
Minister Michael Falzon said that this initiative testifies to the willingness and humility of this Government, which is always there to listen, understand and decide, in the best interest of everyone. , even of those who need a push more than others.
“We have done a lot to reduce social dependency, especially through measures that bring more people into the world of work, the tapering of benefits, the in-work benefit. We have not only introduced and continue to support these measures, but we have continued to strengthen these benefits, in order to see that we reach more families. We are a Government of the people, a Government that will continue to be the voice of certainty and stability. With us you know where you are, we have the social heart to continue doing good and address social realities that are constantly changing”, concluded Minister Michael Falzon.
For more information one should call on freephone 153.
