António Costa will remain as caretaker prime minister until the swearing in of a new government following elections on March 10, 2024. Image: Tiago Petinga/ Lusa

PM highlights increase of national minimum wage, reduction in income tax

António Costa marks last day of year over social media 

Portugal’s prime minister António Costa has marked the end of the year with habitually professional messaging over social media

His posts on ‘X’ (formerly Twitter) and Instagram highlight the increase in families’ incomes coming in 2024, the increase in pensions, in various social benefits and the reduction in income tax.

The fact that consumer rights watchdog DECO has warned rising prices will see families struggling in the early days of 2024 is not alluded to.

“In 2024, household income will continue to improve”, Mr Costa wrote on ‘X’ today.

”The national minimum wage increases to €820, the greatest ever increase; pensions will be upgraded by between 5% and 6%, above inflation; IRS (income tax) continues to reduce and covers all pay scales”.

Says Lusa, “in his message, the prime minister who resigned his position on November 7, also points to his government, which is in caretaker mode, having brought forward “by two years” the increase in the solidarity supplement for the elderly “so that all pensioners have their income above the poverty line”.

“The family allowance will be increased by €22 euros per month and the reference value for children’s benefit will rise to €122 per month,” he said.

Also according to António Costa, IRS Jovem “is reinforced, becoming 0% in the first year of work“.

“Students up to the age of 23 will now have a free bus pass. A salary bonus of €697 or €1,500 will be created for the first years of work for graduates and masters”, he went on.

On his Instagram account, António Costa said goodbye to “a cycle” that he served with “heart and soul” for eight years, using a video with a nostalgic soundtrack.

“I trust, I continue to trust, in the capacity of the Portuguese and in the future of our country. Best wishes for a happy and prosperous 2024,” he wrote.

Source: LUSA