The Ministry of Finance has on Monday 14th October 2019 delivered the Budget Speech for the year 2020. The following are the measures announced in the budget speech which are related to employment.
- Cost of living adjustment (COLA) set at Eur3.49 a week;
- The granting of an additional day of leave in 2020 to compensate for public holidays falling on a weekend;
- A tax refund between Eur40 and Eur68 to be granted again in 2020 to individuals who earn less than Eur60,000 p.a.;
- In 2020, the first 100 hours of overtime for employees whose annual basic salary does not exceed Eur20,000 and who do not hold a managerial position will be subject to tax at 15%;
- Couples to be allowed to submit separate income tax returns and to be taxed separately;
- Increase in pensions by Eur3.51 per week in addition to the COLA;
- An increase of Eur11.40 per week will be granted to persons with sever disability who are unable to work.