Pensioners who missed out on the 62+ Government Savings Bond which was oversubscribed in a matter of hours will have a second chance to benefit from this scheme, as a further €30 million will be offered, Finance Minister Edward Scicluna announced this evening.
Prof. Scicluna was addressing a public consultation meeting in the run-up to the 2018 budget, set for October 9.
Launched on September 4, the bond scheme was meant to offer pensioners an additional revenue stream through an interest rate of three per cent payable twice a year. The initiative for which the finance ministry had allocated €70 million was oversubscribed on the first day, with the value of the bids received being in the region of €100 million.
The scheme was rolled out in response to criticism that returns on interest rates on fixed bank deposits were no longer attractive and the elderly, in particular, had suffered a drop in income.
With regards to the 62+ scheme, Prof. Scicluna said that the Cabinet had approved a further allocation of €30 million. The bonds which have a five-year maturity are open for those born in 1955 or earlier.
Asked by a member of the audience, what additional measures would be taken by the government, especially for the elderly, Prof. Scicluna said that a further increase in pensions over and above those introduced in recent years was in the pipeline.