The Labour electoral manifesto promises a mechanism that will grant additional supplementary funds to pensioners where necessary, Minister for Finance Clyde Caruana said on Saturday during a press conference.

He explained how this new mechanism will ensure that pensioners enjoy a better quality of life

Over the coming five years, pensioners will receive a €15 increase, which does not include the Cost of Living Adjustment. Furthermore, the new COLA system will ensure that additional benefits are given to the elderly where needed.

Caruana also said the corporate tax will go down from 35% to 25% on the first €250,000 profit, which means companies will save €25k in tax. The money can be used to invest.

Furthermore, the revision of tax bands will help people save an average of €300 in tax every year.

Caruana said these measures are doable since public finances are being strengthened and the economy is growing.

Minister for Energy Miriam Dalli said that the Labour Party’s aim was always to present concrete proposals. She added that this will be proven when the electoral manifesto is announced in the coming days.

Dalli said that with its proposals, the party is putting quality of life at the forefront of its campaign, as its vision for the country is to continue to strengthen its environment.

She added that with the earlier announced €700 million national environment plan, spread over seven years, Malta will be benefitting from greener lungs, leading to lower air pollution.

Speaking about students, she added that with the announced 15% increase in stipends, they want to incentivise students to continue studying, as “education is the key to financial independence”.