Issue link: https://maltatoday.uberflip.com/i/906955
maltatoday SUNDAY 26 NOVEMBER 2017 6 News PAUL COCKS SALARIES paid out to persons employed in the financial services sector in Malta peaked at €353 million in 2016, an increase of over 56% when compared to 2010, a re- port commissioned by the Malta Financial Services Authority has found. 10,345 persons were employed in the sector last year, earning an av- erage annual wage of €34,122. The term 'financial services' as referred to in the report, which analysed the contribution of the sector on the Maltese economy, actually comprises three ser- vice industries: financial services (known as sub-sector K64 under the EU's NACE classification sys- tem), insurance and pension fund- ing (K65) and activities ancillary to financial services and insurance (K66). It is sub-sector K64 which ac- counts for the largest proportion of all key descriptive statistics, hence reflecting its overall domi- nant position in relation to the sector as a whole. Most notably, this sub-sector accounts for 97% of the total imports and 96.3% of total exports. As to the entire sector's output, consisting of the products created or services rendered during the ac- counting period, 92% of the total 2016 output of the entire sector was attributable to the activities covered by financial services. Pen- sion and insurance activities ac- counted for 4.5% of total output whilst the remaining 3.4% was at- tributable to auxiliary activities. Between 2010 and 2016 the production of output from the fi- nancial services sector as a whole, increased from €5.04 billion to €5.95 billion, implying an overall increase of 18.0%. The financial services sector also saw a significant increase in its gross value added, which captures the value generated by a sector and indicates the contribution of each individual producer, industry or sector towards the economy. In 2016, the direct GVA attribut- able to the activities of the finan- cial services sector amounted to €598 million, 6.9% of the country's total GVA. Although this represents a de- cline in the sector's relative con- tribution from the 7.8% of GVA attributable to the sector for 2010, this is in large partly due to the ex- ceptional growth in the generation of total GVA experienced by the Maltese economy over this period, which reached 50.1%. This was driven in large part by a sizeable expansion of a number of other key service sectors operating in the Maltese economy and other signif- icant changes between 2010 and 2016, with certain drivers gaining greater significance over others. Employees' compensation, for example, rose significantly be- tween 2010 and 2016 from a total of €226 million in 2010 to €353 million by 2016, implying a growth rate of 56.2%. This growth rate exceeded that observed for com- pensation of employees across the Maltese economy as a whole, which grew at a rate of 47% over the same period. The MFSA report also highlights the importance of the supply of output from the financial services sector for the direct production process of other sectors in the lo- cal economy. 9% of the financial services sec- tor's domestic output (sales) is purchased from the creative arts and entertainment activities which include libraries, museums and other cultural activities as well as gambling and betting activities. This amount represents 40% of the total domestic purchases of the sector, which is in turn domi- nated by the activities of the gam- ing industry, hence reflecting the importance of the financial sector to other significant contributors in the Maltese economy. pcocks@mediatoday.com.mt CALL FOR NWAR PROGRAMME TUTORS WITHIN THE NATIONAL LITERACY AGENCY Jobsplus: 442/2017 The The National Literacy Agency, within the Ministry of Education and The National Literacy Agency, within the Ministry of Education and Employment, is seeking to recruit Nwar Tutors to deliver family literacy sessions within the Nwar Programme. The eligibility criteria for this post are: A qualified teacher (recognised teaching degree, Level 6) or a qualified LSA (Diploma in Facilitating Inclusive Education, Level 5); Successful completion of the Nwar Training Course or Diploma in Literacy or DQSE Basic Skills Training Certificate or equivalent; A minimum of 3 years' experience in the related field; Fluency in written and spoken Maltese and English. Fluency in written and spoken Maltese and English. Candidates Candidates should submit their letter of application, together with a summary of qualifications and experience in a European Curriculum Vitae Format, a copy of their relevant scanned certificates by email to john.b.farrugia@gov.mt or by post to Mr John Farrugia, Executive Secretary, National Curriculum Centre, Joseph Abela Scolaro Street, Hamrun HMR 1304 by not later than Monday 27th November 2017 at noon. Applications Applications by post should be sent by registered mail, allowing sufficient time to ensure delivery by the above deadline. Applications will be acknowledged in writing within seven days. Further information may be obtained from Mr John Farrugia on 2598 2997 or via email at john.b.farrugia@gov.mt Office Space Required Valletta, Floriana or the Central Region Area The Ministry for European Affairs and Equality would like to receive offers for the lease of office space with a minimum area of 3,000 square metres and parking ammenities located in Valletta, Floriana or a locality in the Central Region Area in Malta. Information is to be submitted in a sealed envelope, and deposited at the Directorate for Corporate Services, Ministry for European Affairs and Equality, Tal-Pilar, 31B, Marsamxett Road, Valletta by noon of Friday 1 st December 2017. Full details may be accessed from the following portal http://meae.gov.mt/en/Tenders/Pages/Tenders-and-Quotations.aspx Expenditure may be co-funded through European Union/Bilateral Funding • 10,435 employed within Malta's financial services sector • €353 million paid in salaries within the sector, up by 56.2% over 2010 • Sector's production output reached €5.95 billion • Gross value added attributable to the sector reached €598 million, 6.9% of the country's total GVA Salaries in financial services sector reached €353 million in 2016 The 10,345 persons employed within the Malta financial services sector earned €34,000 each, on average in 2016 as the sector's output production grew to €5.95 billion