One-off milk bonus and weekly wage increase of €3.49

Pensioners to get €7 weekly increase on 1 January

File photo
File photo

The weekly wage increase next year will amount to €3.49, Finance Minister Edward Scicluna announced.

The increase is worked out on a formula agreed by the social partners that takes into account the inflation rate of the previous year.

However, Scicluna said the government will also pay out a one-off bonus next year to make good for the price hikes in milk and bread that were not reflected in the mechanism.

The one-off bonus will see single-person households receive a cheque for €15, and all other households receive a cheque for €35.

An additional day of leave will be given.

Pensioners

Pensioners will receive an additional €3.51 per week over and above the COLA increase of €3.49. This means pensions in 2020 will increase by €7 per week, making it the highest increase in 40 years.

More in Budget 2020