Electricity Subsidy Extension to Benefit Over 500K Entities Until June

Government Announces Extension of Electricity Subsidy and Other Measures

In a significant move to ease the burden of the cost-of-living crisis, the government has decided to extend the electricity subsidy until the end of June. This extension is expected to benefit a substantial number of households and businesses across the nation, with more than 400,000 households and 100,000 businesses set to enjoy continued financial relief.

Initially set to expire on April 30, the electricity subsidy program’s extension will incur an estimated cost of €8 million to the government. Notably, the value of the subsidy has decreased since its inception in October, from about €70 to approximately €14 per bimonthly bill for the average consumer, due to the falling prices of oil.

Alongside the electricity subsidy, the government has also announced the extension of the zero VAT rate on essential household items, such as bread, milk, eggs, and baby products. This measure, which was slated to end in May, will now continue until the end of June, providing consumers with an average saving of €7.50 on purchases worth €95.

Furthermore, households receiving government benefits will be granted three additional payments over the next three months as compensation for the cessation of the fuel tax subsidy. The government is also increasing support for mobility allowance recipients and low-income pensioners by an extra €100 per month.

President Nikos Christodoulides emphasized the government’s commitment to improving the lives of citizens, particularly those most vulnerable to economic pressures. He highlighted various initiatives aimed at supporting working families, including the cost-of-living allowance, a higher minimum wage, and renewable energy programs.

In response to criticism from opposition parties, President Christodoulides defended his administration’s actions, contrasting them with past policies that led to significant national crises. He reaffirmed his government’s responsibility towards ensuring the stability and prosperity of the country without risking its future.

Approximately 4.2 million households and 500,000 businesses will benefit from the extended electricity subsidy until June, alleviating financial pressure amid rising energy costs.

Can the subsidy extension help your household or business until June?

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