34.7 C
Wednesday, July 24, 2024

Child benefit recipients to see increase by month's end

Must read

Child benefit recipients to see increase by month’s end

Child Parents < ul class="td-pulldown-filter-list">

Families with one or two children receiving the annual child benefit in Cyprus can expect a slight increase by the end of the month, Phileleftheros reported Friday.< /p>

The income-tested benefit, due on Friday, May 31, will see a rise due to the annual Cost-of-Living Allowance (COLA) adjustment.

Unlike larger families who receive monthly payments, these households typically receive an annual lump sum.

The increase is estimated at approximately 3.66% based on the overall inflation rate, differing from the transitional agreement for salaries where COLA is currently paid at 66.7%.

An additional 5% permanent increase to the child benefit is also on the horizon, subject to parliamentary approval of a government-proposed bill. This increase would be retroactive to January 1, 2024.

The Deputy Ministry of Social Welfare is expected to announce today whether the annual benefit for larger families will also be paid on May 31, alongside the annual benefit for mothers of large families.

Existing beneficiaries of the annual child benefit do not require annual reapplication. However, new applicants must apply, and invitations for new single-parent family benefit recipients may be announced today or in the coming week.

This is just the latest measure in the government’s package to address inflation. Several child benefit recipients also recently received a one-off support payment, subject to additional means testing.

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article