Employee Benefits in Malta

Published: Feb, 2015 | Pages: 59 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis

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% 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.


Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Malta, including:

 An overview of state and compulsory benefits in Malta 

 Detailed information about private benefits in Malta 

 Insights into various central institutions responsible for the administration of the different branches of social security 

 The regulatory framework of employee benefits in Malta 

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 benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen's compensation, maternity benefits, family benefits, minimum resources, long-term care benefits, unemployment and private benefits

 It highlights the economic and regulatory situations relating to employee benefits in Malta

Reason To Buy
 Make strategic decisions using in-depth information related to employee benefits in Malta

 Assess Malta's 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's employee benefits, and their impact on companies 

Key Highlights
The Maltese Social Security Act provides two schemes: a contributory scheme and a non-contributory scheme.

 According to the Social Security Act, all benefits, allowances and pensions which are categorized under the contributory scheme are subject to different contributions which are determined according to the benefits claimed. Non-contributory scheme offers medical benefits in cash and in kind, and social assistance to senior citizens who are unemployed, in search of work, or unable to work due to diseases subject to means testing

 In Malta, private employee benefit plans are voluntary in nature. Employers can define the type and level of coverage of the benefit to be given to their employees.

 Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Malta
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Pensionable salary
6.1.6 Benefits
6.1.7 Payment options
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Employee and employer contributions
6.2.6 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.6 Workmen's Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment option
6.9.5 Employers and employees contribution
6.9.6 Taxation
6.1 Long-Term Care Benefits
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment option
6.10.5 Employers and employees contribution
6.10.6 Taxation
6.11 Unemployment Benefits
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment Options
6.11.5 Employee and employer contributions
6.11.6 Taxation
6.12 Leave
6.12.1 Introduction
6.12.2 Annual leave
6.12.3 Maternity leave
6.12.4 Parental leave
6.12.5 Sick leave
6.12.6 Other leave
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices
8.1.2 GDP per capita at constant prices
8.1.3 GDP at current prices
8.1.4 GDP per capita at current prices
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate
8.1.8 Unemployment rate
8.2 Demographics
8.2.1 Labor force
8.2.2 Total population
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Malta - Country Statistics 
Table 3: Contribution Exemption 
Table 4: National Minimum Wage, 2014 
Table 5: Retirement Benefits: Early Retirement Contribution 
Table 6: Retirement Benefits: Pensionable Age 
Table 7: Retirement Benefits: Minimum Retirement Pension 
Table 8: Retirement Benefits: Bonus Paid According to Cost of Living 
Table 9: Retirement Benefits: Contributions Paid by Employees 
Table 10: Retirement Benefits: Contribution Paid by Employers 
Table 11: Retirement Benefits: Maximum and Minimum Contribution by Self-Occupied Persons (Weekly) 
Table 12: Workmen's Compensation: Benefit Paid on the Basis of Degree of Disability 
Table 13: Family Benefits: Maximum Children's Allowance 
Table 14: Minimum Resources: Minimum Guaranteed Resource Paid 
Table 15: Long-term Care Benefits: Long-term Care User Charges 
Table 16: Leave - Fixed National and Public Holidays