Malta | Budget 2016 – Pensioners
Relevant Government Budget 2016 measures affecting pensioners:
- Cost of Living Allowance (COLA) – increase of €1.75 per week commencing January 2016 – view 2016 COLA
- Malta resident status tax rates for 2016 – view 2016 resident status tax rates
- Minimum contributory pension and bonus in 2016 shall be €7,280 p.a. for persons with a sufficient number of contributions paid.
- Minimum contributory pension and bonus in 2016 for persons with an insufficient number of contributions paid shall be pro-rata of €7,280 p.a.
- Married pensioners receiving a minimum pension shall benefit from €4.15 per week increase over and above the COLA adjustment.
- Persons born after 1968 shall require 41 years of valid social security contributions instead of 40 years to be able to apply for a full pension.
- Persons who in agreement with their employer continue to work after pensionable age shall have their pension increased by 2% – 4% per additional year in employment.
- Pensions shall accrue on the day after the pensioner stops working or on death of the spouse.
- Service pensions and disability pensions shall increase.
- Pensioners of 75 years and over shall retain the grant €300 p.a.
- Compensation of up to half the minimum wage shall be grated to persons employing in-house carers.
Government Budget 2016 Highlights Click here for full Government Budget 2016 Highlights
Downloads: Budget 2016 Speech in Maltese