Government says it has enacted biggest ever investment in pensions and social benefits
Social investment has risen to €772.3 million during the first six months of 2024, said the Ministry for Social Policy and Children’s Rights in a statement on Thursday. It added that this means the investment has grown by almost €92 m
Social investment has risen to €772.3 million during the first six months of 2024, said the Ministry for Social Policy and Children’s Rights in a statement on Thursday. It added that this means the investment has grown by almost €92 million, and referred to it as “the largest increase ever recorded for this period” leading to “the largest investment of all time”.
The Ministry remarked that this investment in pensions and social benefits for the first six months of 2024 was almost as much as the total investment given in 2012.
It referred to figures from the National Statistics Office, which it said showed how the total investment in contributory and non-contributory benefits between January and June for this year has increased by 13.4% over the same period in 2023.
It continued that payments in contributory benefits, including pensions, increased by €56.5 million for a total of €605 million. “Retirement pensioners, invalids, and widows were the biggest beneficiaries,” it said. “Between them, they were paid €525.5 as pension and €72 million in bonus they received with the pension.”
The Ministry said that this was mainly due to the increase of €15 per week in the social security pension rates and to the adjustment of the higher pensionable income for those born before 1962. It added that widowed pensioners also had other increases in their pension due to an adjustment process which saw their pension become equal to what their spouses would have received.
Throughout the first six months of the year, the Ministry said that there was an increase in investment in non-contributory benefits of a little over €35 million, which equates to a nearly 27% increase for a total of €167.3 million. The Ministry said that this growth was mainly due to an increase of €13.5 million in benefits directed towards children in the family, and made particular reference to the first special allowance payment of €500 for students in post-secondary education along with the increase of €250 in the supplement for each child in relation to the children’s allowance.
Another impact towards the increase in social investment, the Ministry continued, was the payment of the second instalment of the Additional Cost of Living Benefit. It said that this meant a total of 98,272 families, of approximately 196,000 people, were paid €18.4 million.
The Ministry concluded by referring to an improvement rate in the Seniors Grant for seniors aged 75 and over. It said that this resulted in their grant payment rising to €15.4 million, which was an increase of €1.7 million from 2023.
Social Policy Minister Michael Falzon said that the government is in tune with the people’s pulse and so administers a policy which leaves more money in the people’s pockets. He remarked that families and pensioners know where they are with the government when it comes to social benefits, and he concluded by saying that the government has always implemented what it promised and will continue to do so.
Related
Share this page
Guest Posts by Easy Branches
