Issue link: https://maltatoday.uberflip.com/i/1506214
8 maltatoday | WEDNESDAY • 23 AUGUST 2023 NEWS NEWS SEASONALLY adjusted indus- trial turnover recorded during the second quarter of 2023 in- creased by 2.7 per cent over the previous quarter. When compared to the corre- sponding period of 2022, work- ing-day adjusted industrial turnover increased by 13.6 per cent. Quarterly comparison During the second quarter of 2023, seasonally adjusted in- dustrial turnover increased by 2.7 per cent over the previous quarter. Increases were registered in all the main industrial group- ings. The highest increase was reg- istered in the consumer goods (7.4 per cent), followed by energy (2.1 per cent), capital goods (2.0 per cent) and inter- mediate goods (0.8 per cent). Seasonally adjusted industrial employment decreased by 0.4 per cent. During this period, industrial hours worked increased by 0.3 per cent and industrial gross wages and salaries rose by 1.5 per cent. Annual comparison When compared to the cor- responding quarter of 2022, working-day adjusted industri- al turnover increased by 13.6 per cent. Increases were registered in the consumer goods (20.6 per cent), capital goods (13.6 per cent) and intermediate goods (12.9 per cent). A decrease of 1.0 per cent was registered in energy. An increase of 2.1 per cent was recorded in the year-on- year unadjusted industrial em- ployment. Working-day adjusted indus- trial hours worked increased by 1.2 per cent and working-day adjusted industrial gross wages and salaries went up by 8.4 per cent. Annual industrial turnover working-day adjusted variation (% change in comparison with corresponding quarter in previous year) Industrial turnover up 2.7 per cent in second quarter of 2023 over last year BANK of Valletta has part- nered with MAPFRE MSV Life to relaunch a special lim- ited-time offer on the Unit- Linked Personal Pension Plans. Customers taking up a new unit-linked personal pen- sion plan through the Bank will earn a one-time top-up of €175 as soon as the new plan is set up and the first premium paid by the policyholder is al- located. This offer is valid until the 30th of September 2023. "Following the positive re- sponse received to a similar offer launched last year, Bank of Valletta and MAPFRE MSV Life have renewed this offer for a fresh period," explained Ms Tonia Parascandalo, who heads the Bancassurance arm within the Bank's Wealth Management function. Speaking about the benefits of the Unit Linked Pension Plan, Parascandalo referred to the increased awareness ob- served in recent years about the necessity to supplement one's pension. "The personal pension plan is basically a long-term savings plan with tax relief," she said. "Presently, the tax credit is 25% of the contributions made by the policyholder in a given year, up to a maximum tax credit of €750 per person annually. In addition, at re- tirement, one may choose to receive up to 30% of the fund value tax-free. The Personal Pension Plan offers flexibility to the pol- icyholder, including in the amount of contribution as well as the investment options linked to one's savings. "Cus- tomers may take up a pen- sion plan with as little as €40 monthly, meaning that this is a product within the reach of most people. In addition, pol- icyholders are free to make changes in their contribution at any time" explained Paras- candalo. "Obviously, the earlier one starts planning for retirement, the more benefits that would accrue, given that the longer one's contributions are in- vested, the better the chances for financial growth," she re- marked. Bank of Valletta is offering Personal Pension Plans which are Unit Linked. Essentially, this means that the value of the contributions made is linked to a number of funds that the policyholder chooses according to his risk appetite. The value of the policy will fluctuate over the years ac- cording to the market and the chosen underlying assets. Even in this aspect, the policyhold- er can benefit from significant flexibility. "One may choose to invest in as many as ten funds concur- rently. Furthermore, one may opt to switch between funds at any point in time, with the first two switches in any year free of charge," she explained whilst highlighting that the unit-linked policies lend them- selves very well for both capital growth and appreciation over time. Furthermore, the Unit Linked Pension Plans give the policyholder access to a broad spectrum of funds, some of which are specifically geared toward retirement planning. These funds cater to any type of risk appetite, be it cautious, balanced, or more aggressive. In this manner, they are ideal instruments because they offer the flexibility of combining or switching from one type to an- other, according to one's risk appetite or personal circum- stances. BOV offer on the MAPFRE MSV Life Unit Linked Personal Pension Plans