At the end of this week, the first pension payments began to be paid, with improved rates as announced in the Budget for this year. Retirement pensioners who earn around 63,500 took the first payment. Their pension will increase by €15 per week, thus amounting to €780 during this year.
During the last ten years the number of retired pensioners continued to grow, so much so that from 39,500 in 2013 their number rose to almost 59,000.
The rest of the pensioners, who make up around 31,000, of which almost 18,000 are widows, will be paid in the following weeks. Widows will be paid their increases on the 13th of January and those receiving the Invalidity Pension and the National Minimum Pension will be paid on the 20th of January.
These details were announced by the Minister for Social Policy and Children’s Rights Michael Falzon together with the Permanent Secretary Mark Musu during a news conference.
The Minister Michael Falzon said that this Government invested €1,170 million on pensions during this year while he explained that the pension increase will be the seventh consecutive one since 2018, and this is in addition to substantial increases that were given in 2016 and 2017 to pensioners on the minimum pension.
“The pensioners today are receiving between 30% and 68% more than they used to receive 11 years ago. Taken together, the general pension increases given since 2013 reach a total of €64.40 per week or almost €3,350 per year,” Minister Michael Falzon said.
During this news conference more information was given about several other measures, the main one being the Cost of Living Bonus which will start to be paid at the same rate to everyone, the continuation of the process that started in the same year in order to gradually give the full rate of the Widow’s Pension, the tax exemptions for pensioners aged 61, and measures that give an incentive to people who choose to continue working.
Those measures that affect pensioners who were born before 1962 were also mentioned, and through changes this income will begin to increase at a faster pace until it gradually equals those pensioners who were born in 1962 or later .
Permanent Secretary Mark Musu referred to the significant increases made in pensions and also mentioned how the take home pay of thousands of pensioners who are saving thousands of euros in tax has increased substantially. which now they should not pay.
“The sum voted in the Budget for this year on all pensions, including the old age pension, as well as the bonus paid during the year, reaches €1,170 million. It also represents an increase of €530 million, or an increase of almost 83%, on the corresponding cost in 2013 when the expenditure that year was €640 million – the cost almost doubled in 11 years,” concluded Permanent Secretary Mark Musu.
Photos: MSPC/DOI
