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Employee Benefits in Malta

  • March 2015
  • -
  • Timetric
  • -
  • 59 pages

Summary

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Synopsis
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.

Summary
The Maltese economy is one of the smallest in the EU. The country’s gross domestic product (GDP) at constant prices declined by 2.7% in 2009 due to the global financial crisis. The crisis had a negative impact on Malta’s industrial development and other economic activities, which resulted in increased social spending, especially on unemployment benefits. GDP also remained weak during 2010–2012 due to the sovereign debt crisis in the EU and aftereffects of the global financial crisis. However, the country has managed to post an annual GDP growth of 2.7% in 2013 in terms of purchasing power parity (PPP) and maintained a low unemployment rate of 6.4% in 2013, compared to the EU average of 17.9% of people aged between 25 and 64. This is likely to reduce pressure on the country’s social spending in coming years.

Employee benefits in Malta can be broadly classified into two types: social security benefits and private benefits. The Maltese social security system covers the entire population and plays a vital role in the country’s welfare system. Almost all employers in Malta offer additional benefits to their employees to motivate and retain them.

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, short-term sickness benefits, medical benefits, workmen's compensation insurance, maternity benefits, family benefits, minimum resources, long-term care benefits, unemployment benefits, 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 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 employee benefits, and their impact on companies.

Key Highlights
- In Malta, any person aged between 16 and the normal retirement age (61–65 years for men and 60–65 years for women), must be insured as an employed, self-employed or self-occupied person under the Social Security Act 1987.

- The Ministry for the Family and Social Solidarity, the Ministry for Health and the Department of Social Security are the main authorities supervising Maltese social security system in Malta

- In Malta, private benefit plans are voluntary; employers can define the type and level of coverage of the benefit to be given to their employees. Company cars, fuel reimbursement and telephone allowance, and healthcare and risk benefits are the most common private employee benefits offered by employers.

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