CommercialCourier
Issue 102 | November 2022
75
Investing in people The Budget 2023, as the Ministry for Finance Hon. Clyde Caruana has said, has been one of the most socialist budgets ever experienced so far, helping those who need it most and investing in people. With the difficult economic times we are experiencing globally, having many nations increasing costs and taxes, Malta has managed nonetheless to maintain a no-tax budget once again, subsidising economic growth, and investing in new economic opportunities. KEITH AZZOPARDI TANTI, PARLIAMENTARY SECRETARY FOR YOUTH, RESEARCH AND INNOVATION
T
he €600 million budgeted for subsidies to keep prices in energy and grain stable is a clear example on its own. If the Budget consisted only of the latter, it would have been enough to ascertain Government’s will to help all citizens during these difficult times. To support this belief, all employees will receive a Cost of Living Adjustment (COLA) of €9.90 per week, an unprecedented drastic increase from previous years. Pensioners will receive €12.50 per week; whilst students will get a pro-rata increase on their stipend. This clearly shows that this Budget caters for everyone. Because youths are the pillars of our future, Government is continuously investing in our youths from a very young age by adopting various strategies. This year, being the European Year of Youth, we invested in various programmes, especially through Aġenzija Żgħażagħ, intended to promote quality work in youth by providing training and investing in various skills, not limited to the ones taught academically in schools. These programmes will be sustained by investing around €10 million through various schemes. Assistance for youths also includes a €10,000 grant divided over 10 years for those buying their first property; an increase in children’s allowance; and 10 paid days of paternity leave. In a world driven by technology, the Budget reflects the importance of digitalisation nowadays. In view of this, Government is confirming once again the tablet-per-child scheme for primary students and giving for the first time a new laptop for all the students transitioning from primary to secondary school, starting Year 7. Moreover, The Foundation for ICT Accessibility (FITA), responsible for helping vulnerable people and persons with disability to improve their quality of life, has been granted €850,000 to assist entities and private companies in providing better accessibility through their digital platforms, making them more accessible by everyone, the most vulnerable in particular, whilst promoting
“Because youths are the pillars of our future, Government is continuously investing in our youths from a very young age by adopting various strategies.”
social inclusion in line with the EU Web Accessibility Directive 2016/2102. Government’s investment in Research and Innovation, which has been duly increased for the year 2023, will focus on STEM Subjects. For the very young ones, a pilot project will be introduced through Esplora, the interactive science centre in Kalkara, called the National STEM Community Fund which will allow the collaboration of various schools or NGOs with local researchers. Other schemes intended for research and innovation will be supported by the Malta Council of Science and Technology (MCST), such as Fusion and Technology Extension Support, which will involve collaborations
between local researchers, the private sector, and local academic institutions. EU programmes, such as Horizon Europe, will grant another €10 million invested in this industry, targeting mainly the health sector and the blue economy. This will open new opportunities for collaboration with foreign researchers. Budget 2023 is a clear message that Government truly believes in the potential of our country and its people. As a nation, Malta is to be considered a country of continuous economic growth which supports local citizens and businesses; a country that attracts foreign investment from other countries; a country considered a clear example to follow. n
