Over €1bn spent on cost of living relief says minister

Over €1 billion has been allocated by the government since 2023 to contain the rising cost of living through five different support packages targeting inflation due to the energy crisis and regional conflicts, Finance Minister Makis Keravnos said on Monday. “The aim of our policy is to improve the daily lives of citizens by practicing a broad social policy that contains and enhances the available income of workers, vulnerable persons and households,” he said in a message on social media. He said that to meet the needs of the people and small businesses, it was necessary first of all to have “a resilient economy as a result of responsible administration”. “This is what we have done over the past years and this is what we are continuing to do. The fiscal surpluses and the reduction of public debt allow us to pay off loans and to return the benefits of growth to the society with specific interventions,” he said. Keravnos pointed out that new taxation reform will come into effect in January and for approximately 200,000 people available income has already improved, while over 50,000 pay zero income tax. The minister referred to provisions, such as tax relief for paying rent or mortgage interest for first homes and green investments. Families with children have extra deductions, he said. Regarding the packages to address the cost of living, Keravnos said “nothing is done with money we don’t have.” “We are supporting society because our economy allows us to. This is the result of the responsible fiscal policy of the government. The wealth produced by our workers and businesses is returned and allocated within society with priority given to our more vulnerable compatriots,” he explained. The minister called on the public to visit se-afora.gov.cy for further information. Keravnos concluded his post with the invitation: “Join us in the effort to change Cyprus.”