Budget not enough to alleviate hardships, church commission says
The Church’s Justice and Peace Commission stated that the Budget should have done more to secure a dignified standard of living for those facing economic hardship. While welcoming social measures announced on Monday, it stressed the need for continued improvements for vulnerable groups like the elderly, homeless, and migrant workers. The commission noted the government’s commitment to “quality,” adding that this requires more than financial aid; it needs policies fostering inclusive growth and resilience. It also recognised the budget’s focus on immediate support for workers and families through cost-of-living adjustments, children’s allowances, and tax relief. (Times of Malta)
BOV sees 36.9% rise in profits
Bank of Valletta reported a strong financial performance for the nine months ending September 2024, with a 36.9% rise in profit before tax to €223.7 million. This growth is driven by loan portfolio expansion, increased fee and commission income, and balance sheet optimisation. Operating income reached €359.2 million, reflecting a 14.5% rise in Net Interest Income and a 5.4% increase in fee and commission income. The credit portfolio grew by 9.1%, supported by business, home, and personal loans, while non-performing exposures decreased to 2.8% from 3.1% in December 2023. (The Malta Independent)
Removing COLA Tax would create two classes of workers – FinMin
Finance Minister Clyde Caruana criticised the PN’s proposal to make the Cost of Living Allowance (COLA) tax-free, arguing it would create “two classes of earners.” He explained that only workers without collective agreements would benefit, as COLA increases are not added to salaries under negotiated agreements, which already include annual pay raises. In a reaction, the PN said that PM Abela continues to insist he is right and everyone else is wrong. The party added that this insensitive attitude is not only damaging for Maltese and Gozitan families, who are already feeling the burden of price hikes, but it also clearly shows that neither Abela nor the Labour Party have any genuine interest in people’s well-being. (Maltatoday)
