Each year, an increase in the weekly salary of all employees is announced during the budget, referred to as the cost of living adjustment (cola) mechanism. Finance minister clyde caruana presented malta’s 2024 budget on 30 th october against the backdrop of several global economic factors.
For the upcoming year the minimum weekly wage will increase to €213.54 (including cola). Each year, an increase in the weekly salary of all employees is announced during the budget, referred to as the cost of living adjustment (cola) mechanism.
The Cost Of Living Increase Is Obligatory.
What is the cost of living adjustment (cola) in malta for 2024?
The Allowance Was Introduced To Provide Additional Income To Workers To Help Them Cope With Rising Living.
In 2023 and 2024 it results that the additional cola is €2.91 per week more than the result of the cola mechanism.
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For The Upcoming Year The Minimum Weekly Wage Will Increase To €213.54 (Including Cola).
The budget additionally provides for an increase in the cost of living adjustment (cola) and offers various grants and incentives for businesses, employees, and industry.
From Next Year, Families Will Be Receiving A Bonus Of €500 For Their First Newborn.
The allowance was introduced to provide additional income to workers to help them cope with rising living.