In comments to Lusa, Miguel Costa Matos, the socialist deputy overseeing the coordination of the Legislative Manifesto 2025, previewed a measure to be included in the updated electoral program of the Socialist Party (PS) for the legislative elections on May 18. This document is set to be presented this afternoon by the PS leader, Pedro Nuno Santos.
“The PS Government will establish the ‘pé-de-meia’ program. It will be available for all children born to residents in Portugal from January 1, 2025. It plans to create an account holding 500 euros in savings certificates,” he disclosed, adding that the measure will apply retrospectively to cover all children born this year.
According to Costa Matos, this initiative represents “an initial investment in these young people’s future” and “an initial savings that families will be able to supplement,” with the accumulated amount being accessible at the age of 18 under a specific tax regime.
“These 500 euros, when considering the current interest rate on savings certificates, will grow from 500 euros to 768 euros, and families may further enhance this sum,” he noted.
Miguel Costa Matos emphasized that Portugal has one of the lowest savings rates in the European Union, which, in contrast to the rest of the EU, has been declining.
“Moreover, there is a need to incentivize childbirth by providing families with a perspective of better conditions, supporting their children as they embark on their professional lives. It is a state aid enabling families to foster savings for the youth’s future at the onset of their adult life,” he highlighted.
The deputy also mentioned the trust of Portuguese people in savings certificates due to their “guaranteed capital and fixed interest rate.”
Regarding the PS’s calculations, Miguel Costa Matos explained that issuing savings certificates is a debt operation and not an expense, with the only outlay being the interest paid when the certificates are redeemed.
The socialists project that with 85,000 children born annually, by the end of the legislature, certificates valued at 215 million euros will have been issued, accruing an annual interest expense of 5.1 million euros, which they consider “perfectly justified.”
“This signals a future to this generation, born with savings to help start their adult life,” he argued.
Over five days, the PS engaged in nine sectorial meetings where Pedro Nuno Santos invited socialists, former government officials, independents, and civil society to contribute toward updating the electoral program for the anticipated elections.
The PS leader asserted that although the electoral program for the 2024 elections was “built on very solid grounds” by a “group of highly qualified individuals,” it needed a “serious update” due to global changes.
Topics like housing, the National Health Service, employment, salaries, social security, the economy, international relations, defense, territory, the environment, climate, democracy, transparency, justice, and internal security were areas to which over 200 individuals contributed, according to the PS.
Beyond meetings at Largo do Rato, led by Pedro Nuno Santos, the PS also held nine district meetings to gather ideas and created an email channel for those wishing to send their contributions.
