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HomeOpinion and ExpressionBusinessPortugal Announced €2.4 Billion Inflation Support Package

Portugal Announced €2.4 Billion Inflation Support Package

Portugal announced €2.4 billion inflation support package. Accordingly, Prime Minister Antonio Costa said helping struggling families is important. However, he insisted that it must be done responsibly.

Now, Portugal would be the latest EU member state to announce measures to support families. Because, the inflation hits a 30-year high.

Portugal Announced Inflation Support Package 

Portugal’s Prime Minister António Costa did not hesitate to reveal how much these will cost the state coffers. He added that these measures are going to be safely adopted.

Then, he added: “this new set of measures that this year alone will have an additional cost of 2.4 billion euros exclusively dedicated to families.”

According to Prime Minister Costa, helping struggling families was important. Adding that, it would be “essential that we manage to combine measures. That in the short term help families to maintain their purchasing power but do not feed the spiral of inflation”

On the other hand, he warned that giving out too much could “increase prices today. And, then they increase tomorrow, and we lose tomorrow what we increased today.”

Read Also: Czech People Protest Against Government, EU And NATO 

Extra Support For Nearly All

The Portugal officials announced the measures. Accordingly, the measures include €125 to each citizen with an income under €2700 per month. Plus, €50 euros for each child in the family. However, pensioners will receive an extra of 50% on top of  their monthly payments.

On the other hand, the government also announced the reduction of the electricity tax from 13% to 6%. This would be a measure that needs parliamentary approval. They also planned for a support fund for companies. 

However, in 2022, the national minimum wage remained fixed at €822 per month. That was just under €10,000 per year, making it one of the lowest in the bloc.

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