Issue link: https://maltatoday.uberflip.com/i/384358
maltatoday, SUNDAY, 21 SEPTEMBER 2014 Opinion 24 W e are an ageing population just like the rest of the world. People over the age of 85 years of age are the fastest- growing segment and half of them need some help with activities of daily living. Beyond age 65, people have more than a 70% chance of needing some sort of long-term care. Care for the elderly has been in the spotlight since it is fast becoming a crucial sector to maintain a sound social structure. Although home facilities or family help for the elderly have been their only choice, home care is now becoming a preferred option with 95% of seniors aged 75 years or older wanting to remain living in their own home. If properly managed it may be very beneficial to the family and with the right system in place the person being cared for usually shows signs of increased motivation to carry out activities of daily living as they now no longer feel alone or a burden on others. This option is very cost effective if the assistance needed is a few hours daily for shopping, cooking, companionship, overnight stays or a few days a week as respite for the family. However once the situation turns into a 24 hour scenario there is a big gap between pensions and the cost of hiring a care worker even at minimum wage, since the maximum pension stands at €12,772 per annum and the cost of care calculated at minimum wage would be around €33,000 per annum, not including insurances, NI, VAT etc. If calculated as a real cost and not at minimum wage it would be closer to €60,000 per year. So many families are forced out of the option of proper care for their elderly and opt to hire a live- in housekeeper, usually from the Philippines, and without choice have to abuse their time!! Why? Because like any worker, although they live in your home they are paid the minimum wage for an eight hour shift, the rest of the time they should be free to go or do as they wish unless they work and get paid overtime, but since the whole scope is 24 hour care they are inadvertently asked to stay at home all the time without proper compensation or time for rest, while the foreign worker feels obliged not to complain since they are afraid of ending up on the street. Many foreign workers go even further and don't report vital incidents which are crucial for the wellbeing of the client, so as not to ruffle any feathers, leading to the total lack of safety and continuation of care. Unfortunately we also very often hear of the abuse that foreign care workers dish out to their clients, especially if they are hired privately and have no one who can train them and keep them in check. Elderly persons who have been left alone unattended, unwashed and inadequately hydrated are just a few of these stories we hear on a weekly basis. More problems also arise since these workers are being so overused and overworked that they end up experiencing burnout again, to the detriment of proper care. Thanks to the FXAM (Fondazzjoni Xjuhija Malta) and our current President, the government has started the process of setting up the much needed standards for homes for the elderly in the country and will start giving the elderly some much needed improvement. This will be followed by standards of in-home care which will go far to curbing abuse by the care worker or towards the care worker. Until the government manages to figure out how to help the elderly who can remain at home with some assistance and bridge the gap between pensions and the cost of care beyond the current €300 a year, the problem of hospital crowding and long waiting lists for public homes for the elderly will continue to mushroom. Furthermore it is really sad to see so many dedicated, caring Maltese people who are willing to work and devote their time to really helping others, out of work due to the ever increasing influx of cheap foreign labour who due to their circumstances at home accept wages far below what is legal or even humane. The inclusion of a responsible party overlooking and helping in the management of care, where either the care worker, the family or the elderly themselves have an outlet to share any grievances that may arise, goes a long way to eliminating abuse and promoting the proper care the elderly deserve in such a difficult part of life. Simon Fiorini Lowell is franchise owner of Seniors Helping Seniors Malta www.shs-malta.com M alta's drive to become a global financial services centre, has helped generate around 10,000 jobs in this field. Highly skilled jobs in this sector are well paid. According to an NSO report published last July, with reference to official statistics as at December 2013, the stock of foreign direct investment in Malta was estimated at €9.6 billion, with 70.6 per cent originating from financial and insurance enterprises. We believe that we should undertake more education-led initiatives to address specific needs for this important sector. We must address any skills shortages to ensure and sustain the availability of suitably qualified personnel to meet the requirements of the industry on an ongoing basis. There are a number of hard-to-fill occupations in several sub-sectors of the financial services industry. Credit and financial institutions, insurance companies, companies specialising in trust management and investment services have identified a number of areas in which they are finding it difficult to recruit the right people. Two main issues are lack of qualifications and lack of experience. We must create a proper strategic and holistic solution to address these issues. The launch of the insurance degree programme and the fact that 58 students were awarded a scholarship to further their studies in the financial sector is a positive step towards building the skills level necessary for the financial services industry. Five years ago, the National Commission for Higher Education (NCFHE) issued a report highlighting the job potential in the financial services sector. Although the creation of new jobs is substantial, the report states that 54 percent of these vacancies would be hard to fill. The number of people employed in the sector has risen sharply, but the number of people with the necessary skills has not increased with the same proportion. To address the problem of lack of experience, it is being proposed that a number of graduates are sent for a four- to six-month International Work placement project, through which they would gain first-hand experience in those key areas where there are skills shortages in the industry. This would enhance their employability and at the same time provide home grown talent for the industry. Such placements can be made possible through the help of Finance Malta and financial institutions operating on our islands. It is most important that Malta plans ahead to avoid shortages in this sector. We should try to tap EU funding programmes to avoid shortages in this sector. Malta has a number of SMEs and the majority of financial services companies in Malta are considered as micro companies. Over 50 percent of these companies employ fewer than nine employees and when it comes to recruit suitably qualified employees, they find it much harder than the larger companies. Finance Malta, together with its affiliate members, has presented a proposal to address these problems in the financial services industry. After consultation with recruitment agencies, they have identified areas which would be classified as hard to fill vacancies. They range from company secretaries to accounting people with management skills, to book keepers through fund and trust managers and even to Chief Financial Officers. On feedback received from key financial services associations, it is clear that these skills shortages still apply. Besides, there is also a shortfall in the demand for risk management in the insurance sector and with the College of Stockbrokers. Asset managers, investment analysts and fund accountants are other key posts within the finance sector in which there is a skills shortage. Together with the University of Malta, MCAST and Finance Malta as well as with the aid of EU funding, we are working on an articulated strategy to identify the initiatives that need to be introduced to address the skills shortage of this industry. Evarist Bartolo is Minister of Education and Employment Simon Fiorini Lowell Evarist Bartolo Need to plan ahead in financial services sector Cost of care versus pensions