Italy Approves 2025 Budget with a Focus on Social Security and Tax Cuts

Italy's 2025 budget of 30 billion euros, includes significant tax cuts and social benefits for low-income citizens. Premier Giorgia Meloni's cabinet secured approval amid opposition criticism. It aims to support families and healthcare, with banks contributing 3.5 billion euros due to past profits.

Italy's parliament gave its approval to a 2025 budget on Saturday, allotting 30 billion euros, the bulk of which is dedicated to tax cuts and social security benefits for low-income citizens.

The far-right cabinet led by Premier Giorgia Meloni garnered support in the Upper House by a vote of 108 to 63, despite facing criticism from the center-left opposition. Critics claimed the package fell short of Meloni's promises to significantly reduce taxes and bolster employment.

The premier, however, defended the budget, emphasizing its balanced approach to supporting low and medium-income earners, while allocating funds to the beleaguered health system. The budget also includes a 1,000-euro bonus for newborns, excluding wealthier families, and mandates a 3.5 billion euro contribution from banks to support healthcare.

(With inputs from agencies.)