Employee Benefits in Malta, 2020 Update

September 2020 •
55 pages •
Report ID: 5975901 •
Format: PDF

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Employee Benefits in Malta, 2020 Update

Summary
The Maltese pension system has been facing much turbulence, regardless of the increase in the number of pensioners every year.The Maltese pension system includes everyone from means-tested to private employees.

Malta’s social security system is based on the principle of defined-benefits (pay-as-you-go) and is generally managed by the state government.The social security system covers a limited number of benefits and provides them based on the insured’s contribution period.

Malta also has an informal social security system to which people can contribute voluntarily.The first pillar of the pension system in Malta is the public pension system, which is a combination of a contributory scheme and a non-contributory scheme.

While pillar two is voluntary occupational pension and pillar three is voluntary private pension, both the schemes are DC schemes.

The report provides in-depth industry analysis, information and insights of the employee benefits in Malta, including: overview of the state and compulsory benefits in Malta, detailed information about the private benefits in Malta, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Malta.

Key Highlights
- The Ministry for the Family and Social Solidarity (MFSS) is responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In Malta, employers provide voluntary retirement benefits to their employees through deferred annuity plans.

Scope
This report provides a detailed analysis of employee benefits in Malta -
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Malta

Reasons to Buy
- Make strategic decisions using in-depth information related to employee benefits in Malta.
- Assess Malta’s employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Malta.
- Gain insights into key organizations governing Malta’s employee benefits, and their impact on companies.

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