Issue link: https://maltatoday.uberflip.com/i/1042376
maltatoday | TUESDAY • 23 OCTOBER 2018 7 BUDGET 2019 KURT SANSONE OLD age pensions will in- crease for the fourth year in a row, with 92,000 pensioners netting €21 million more be- tween them. Budget 2019 proposes a weekly increase of €4.50 in pensions, inclusive of COLA. This means that pensions will be adjusted upwards by €2.17 per week over and above CO- LA. The 2,200 people in receipt of a service pension will get a significant boost of €11 per week, over and above COLA. Elderly people, mostly wom- en, who did not have enough NI contributions to qualify for a pension, will see the annual bonus increase to €200 and €300, respectively, from €150 and €250. The maximum tax free pen- sionable income will be re- tained at €13,000, as will the €300 annual bonus for the 29,000 people who are over 75 and live at their home. The government will once again issue a savings bond, with an above-market coupon targeted specifically at the elderly. In 2018, there were 14,000 elderly people who took up the 65+ government bond. The means test for those applying for a carers allow- ance, to look after sick fam- ily members, will be removed and if the person being looked after is 85 and older, no medi- cal tests will be necessary on the patient. The carers allow- ance, which increased to €140 per week this year, will not change in 2019. Pensions to increase by €4.50 per week PENSIONS CHILDREN'S ALLOWANCE €1,156 €1,252 €96 €192 €288 €8,600 €979 €1,069 €89 €179 €268 €8,800 €967 €1,056 €88 €177 €265 €9,000 €955 €1,043 €87 €175 €262 €9,200 €943 €1,030 €86 €173 €259 €9,400 €931 €1,017 €85 €171 €256 €9,600 €919 €1,004 €84 €169 €253 €9,800 €907 €991 €83 €167 €250 €10,000 €895 €978 €82 €165 €247 €10,200 €883 €965 €81 €163 €244 €10,400 €871 €952 €80 €161 €241 €10,600 €859 €939 €79 €159 €238 €10,800 €847 €926 €78 €157 €235 €11,000 €835 €913 €77 €155 €232 €11,200 €823 €900 €76 €153 €229 €11,400 €811 €887 €75 €151 €226 €11,600 €799 €874 €74 €149 €223 €11,800 €787 €861 €73 €147 €220 €12,000 €775 €848 €72 €145 €217 €12,200 €763 €835 €71 €143 €214 €12,400 €751 €822 €70 €141 €211 €12,600 €739 €809 €69 €139 €208 €12,800 €727 €796 €68 €137 €205 €13,000 €715 €783 €67 €135 €202 €13,200 €703 €770 €66 €133 €199 €13,400 €691 €757 €65 €131 €196 €13,600 €679 €744 €64 €129 €193 €13,800 €667 €731 €63 €127 €190 €14,000 €655 €718 €62 €125 €187 €14,200 €643 €705 €61 €123 €184 €14,400 €631 €692 €60 €121 €181 €14,600 €619 €679 €59 €119 €178 €14,800 €607 €666 €58 €117 €175 €15,000 €595 €653 €57 €115 €172 €15,200 €583 €640 €56 €113 €169 €15,400 €571 €627 €55 €111 €166 €15,600 €559 €614 €54 €109 €163 €15,800 €547 €601 €53 €107 €160 €16,000 €535 €588 €52 €105 €157 €16,200 €523 €575 €51 €103 €154 €16,400 €511 €562 €50 €101 €151 €16,600 €499 €549 €49 €99 €148 €16,800 €487 €536 €48 €97 €145 €17,000 €475 €523 €47 €95 €142 €17,200 €463 €510 €46 €93 €139 €17,400 €451 €497 €45 €91 €136 €17,500 €450 €490 €40 €81 €121 €17,600 €450 €484 €34 €68 €102 €17,700 €450 €477 €27 €55 €82 €17,800 €450 €471 €21 €42 €63 €17,900 €450 €464 €14 €29 €43 €18,000 €450 €458 €8 €16 €24 €18,100 €450 €452 €2 €4 €6 Current New Annual income Annual increase Annual increase rates rates increase per child for 2 children for 3 children Income up to national minimum wage Rates for every child under 16 Examples of net income after NI reduction