President Nikos Christodoulides announced major social welfare reforms yesterday, including an expansion of child benefits to cover the entire middle class and new housing initiatives worth over €75 million.
The expanded child benefit scheme will include an additional 16,000 children, who will also become eligible for up to 80 percent subsidies on nursery school fees, Christodoulides said during his evening address.
The government’s housing measures include a new scheme offering plots in communities at 25 percent of their market value, and revised support for citizens under 41 with grants of up to €50,000. Housing assistance for young displaced persons will increase by 20 percent in rural, mountainous, and disadvantaged areas.
Energy initiatives featured prominently in the announcement, with new grants for energy storage systems and a “Solar for All” scheme targeting small businesses. T
he president also confirmed plans for at least two new natural gas exploration drills in the “Electra” and “Pegasos” targets during 2025.
A tax reform package will be put to public consultation in February, aimed at increasing household disposable income and business competitiveness, while pension reform will focus on ensuring dignified retirement benefits.
Christodoulides also announced that compensation payments for depositors and bondholders affected by the 2013 banking crisis will begin in the first half of 2025.
On employment, the president predicted unemployment would fall below 5 percent for the first time since 2009, noting that over 2,000 minimum guaranteed income recipients had already entered the workforce or training programmes in 2024.
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