Issue link: https://maltatoday.uberflip.com/i/1527021
3 maltatoday | WEDNESDAY • 25 SEPTEMBER 2024 NEWS JAMES DEBONO jdebono@mediatoday.com.mt MATTHEW VELLA mvella@mediatoday.com.mt MALTESE workers report- ed earning an average basic monthly salary of €1,942 dur- ing the period between April and June 2024, an increase from €1,820 during the same period last year. Salaries ranged from an av- erage of €1,280 for those in elementary occupations to €3,162 for managers. The survey also reveals that, on average, male workers earned €129 more than female workers. One major reason for this discrepancy is the higher percentage of women working part-time. In fact, the Labour Force Survey shows that 18.3% of women worked part-time, compared to only 6.6% of men. The total number of work- ers relying on part-time jobs amounted to 35,726, of which 23,246 were women. However, the salary gap be- tween female and male man- agers positions typically held by full-time employees sug- gests that women are also paid less for the same work. Male managers reported earning €3,226 a month, while women in similar roles earned €3,068, €158 less per month. Women in professional roles also reported earning €146 less than their male counter- parts. In elementary jobs, a sector with a higher number of part-timers, women earned €158 less than men. The larg- est difference was found in the services and sales sector, where women reported earn- ing €239 less than men. A breakdown by sector shows that the highest month- ly salaries were in the financial and insurance sector, where workers earned an average of €2,673 a month. In this sector, males earned €257 more than their female counterparts. In contrast, the salary differ- ence between men and women in public administration, edu- cation, health, and social work amounted to just €65. The Labour Force Survey shows that, on average, Maltese workers received a basic wage of €1,942, with wages ranging from €1,280 for elementary jobs to €3,162 for managerial positions Male workers earn €129 more on average than female workers MALTA'S insurers want the government to implement man- datory workplace pensions that will allow employees to have sec- ond-pillar pensions in addition to their state pensions. The Insurance Association Malta said the government had to take on an ambitious ap- proach in its 2025 budget by implementing mandatory work- place pensions, with a voluntary opt-out, and also introduce a transitory framework for em- ployers to contribute towards their employees pensions. "With people living longer and not always managing to set aside sufficient money for their future, a mandatory workplace pension will help to smoothen the tran- sition as they retire to maintain a good standard of living," IAM said. "Malta should adopt the British model and introduce mandatory workplace pensions with a vol- untary opt-out. Experience has shown that for this to succeed, employers should also pool in and contribute to entice employ- ees to take part." IAM presented its proposals during a recent meeting with the finance ministry, on pensions as well as other pressing matters such as drink and drug-driving enforcement, workplace safety, electric vehicles and the chal- lenges the repair industry faced, as well as fire safety in buildings. IAM said private pensions in Malta were still relatively un- der-developed and although the foundations had been laid, workplace pensions and private third-pillar pensions still had a long way to go. "As the gov- ernment works on finalising its budget for 2025, we urge it to consider our proposals and pres- ent a more ambitious and coura- geous approach by introducing mandatory workplace pensions that will also encourage employ- ers to contribute. In this way employees will think twice be- fore opting out," IAM said. IAM said contributions made are tax-deductible for employ- ers, who could also benefit from a tax credit on the amounts made. Over the past years, govern- ment fiscal incentives had been instrumental in making inroads in the pensions market. Other jurisdictions which introduced this type of measure had expe- rienced an improved take-up of pension savings. "We augur that the government, social partners and unions will recognise the benefits such a system will yield to ensure our future pensioners can sustain a decent quality of life," IAM said. Insurers want mandatory workplace pensions in Budget 2025 The Insurance Association Malta wants government to implement mandatory workplace pensions that will allow employees to have second-pillar pensions in addition to their state pensions