Towards a new support package for vulnerable households – The scenarios the government is considering

The fiscal space that will result from the closing of the budget at the end of February (it will concern 2022) and from the evolution of energy prices, will determine the scope of the new package of support measures, mainly for the most vulnerable households.

Executives of the financial staff characterize as “realistic” a package of new benefits amounting to 500-600 million euros. With Deputy Finance Minister Theodore Skylakakis stating, however, that with current natural gas prices “the fiscal space for the whole year could be 700 million euros, but with the uncertainties of a whole year”, making them more conservative in this regard calculations.

The same executives point out that the new package of benefits will aim to mitigate the effects of the wave of precision for specific groups of the population that have been most affected.

According to the scenarios being discussed, it is the granting of an extraordinary allowance, in the form of a “punctuality check”, both before Easter and before Christmas, but also the financing of the “shopping basket”. At Easter last year, a €324m “accuracy cheque” was issued. 500 million euros were added to this amount last Christmas, while from March 650 million euros will begin to be paid for the “shopping basket” and an additional 500 million euros will follow until Easter.

The beneficiaries of the “accuracy check” are expected to be 1.7 million citizens, among whom will be included – in addition to low pensioners – low-wage families, beneficiaries of disability benefits, uninsured seniors, and beneficiaries of the Minimum Guaranteed Income. According to some reports, consideration is being given to including “personal difference” pensioners who did not receive an increase in their pensions to receive a lump sum. The final decision will of course be taken in relation to the fiscal space and the need to have a primary surplus this year.

Based on another scenario, the additional reduction of insurance contributions this year by 0.6 percentage points (which, however, has a high cost of around 300 million euros), as well as the reinforcement and extension of the “shopping basket” by a quarter up to October (which will depend on the de-escalation or stay of product prices at current levels).

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