President of the Republic, Tassos Papadopoulos announced on Wednesday the third package of Social Cohesion of £100 million.
Mr. Papadopoulos stated that the social measures concern more than 112 thousand citizens, while the tax measures are related to all Cypriot citizens. The package includes an increase in low pensions, an additional financial aid to lower classes, measures for the support of the families with three children, an increase in the maternity leave, an increase in the utaxable income to £11 thousand from 1/1/2008 and a drop in the VAT from 15% to 5% for wide range of products.
The President also added that this package is different, since all measures are permanent and not temporary.
“The social measures that have been adopted incorporate most proposals of the coalition parties and the trade unions”, Mr. Papadopoulos said.
The new package of measures was approved by the Council of Ministers earlier in the morning and was analyzed by Finance Minister, Michalis Sarris.
Mr. Papadopoulos stated that the social measures concern more than 112 thousand citizens, while the tax measures are related to all Cypriot citizens. The package includes an increase in low pensions, an additional financial aid to lower classes, measures for the support of the families with three children, an increase in the maternity leave, an increase in the utaxable income to £11 thousand from 1/1/2008 and a drop in the VAT from 15% to 5% for wide range of products.
The President also added that this package is different, since all measures are permanent and not temporary.
“The social measures that have been adopted incorporate most proposals of the coalition parties and the trade unions”, Mr. Papadopoulos said.
The new package of measures was approved by the Council of Ministers earlier in the morning and was analyzed by Finance Minister, Michalis Sarris.
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