Press Release: Malta Chamber of SMEs congratulates Roberta Metsola on being elected President of the European Parliament
18 January 2022
Roberta Metsola was elected on the first count with 458 votes The Malta Chamber of...
The pensions strategy seeks to incentivize savings in voluntary pension schemes and working beyond retirement age. It also maintains the present retirement age of 65 and rules out increasing social security contributions as well as compulsory second-pillar pensions, which are supplementary pensions paid by employers and employees.
He strategy is built on the principles that state pensions should be a solid source of income for pensioners, but should not be the only one.
It also sought to strike a just balance between the amount of time in which
contributions are paid and the amount of time benefits are received, and to reform the system in such a way that it would be capable to evolve to address future developments.
The strategy includes a total of 27 recommendations, divided into four
At present, those born on 1962 or later are required to make 40 years of social security contributions to be entitled to a full pension, but the reform proposes that those born on 1965 or later should contribute another year.
However, the proposed reforms would also increase the contributions credited to those who stop working to take care of their children, up to
5 years for their first child, 4 years for their second and 3 years for their third.
It would also credit full-time studies in courses which are MQF Level 5 (undergraduate diploma or certificate) or higher. Three months of contributions are to be credited for every year of studying MQF Level 5 (undergraduate diploma or certificate) or 6 (bachelor’s degree) courses, going up to six months per year of Level 7 (master’s degree) courses, and a full year for Level 8 (doctoral degree) ones.
Those entitled to retire between the age of 61 and 65 could improve their pension by up to 12% if they continue to work and forego their pension while they do so. Pensions could be improved even further if people keep working without receiving a pension beyond the age of 65.
At present, only those born on 1962 or later are entitled to a guaranteed national minimum pension (GMNP), but the reform proposes gradually extending this to older people, addressing the most vulnerable pensioners first. Those who would be 76 or older on 1 January 2016 would start receiving the guaranteed national minimum pension next year, and this would become universal by 2027.
The proposed pensions strategy is now open for public consultation and documents can be accessed through the following link: http://bit.ly/1exi9RL
Feedback can be sent by 17th July 2015, either by email on
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).