Over 45,000 families and 86,500 individuals will start receiving the additional COLA grant in their bank account as from next Monday, the 17th of December.

The Cola grant amounts range between €100 up to a maximum of €643 for the most needy families.

The announcement was made by Minister for Finance Clyde Caruana and Minister for Social Policy and Children’s Rights Michael Falzon.

It was explained that 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,” the Ministers said.

“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,” said Minister Caruana.

He added that, “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 will be able to withstand its financial burden.”

Minister Michael Falzon said, “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.”

For more information please call on freephone 153.

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