Employee Benefits in Malta 2021

The Maltese economy is one of the smallest in the EU. 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.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Malta, including an 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.

Key Highlights

– Malta's pension system comprises three pillars

– Pillar I is the public pension system, which is a combination of a contributory scheme and a non-contributory scheme

– A universal ‘pay-as-you-go’ process is provided by this scheme

– Pillar II is the voluntary occupational pension system provided by employers to the employees and based on DC schemes

– The main benefits of the Maltese social security system are retirement, disability, sickness, death, workmen’s compensation, maternity, family, unemployment, health, long-term care, and minimum resources benefits

– Medical benefits are provided through packaged group health and life insurance policy or only group health insurance policy for employees of an organization and sometimes their dependents also

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, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, long-term care 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'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

Table of Contents

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

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.2 Death in Service

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.3 Long-Term Disability Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.4 Short-Term Sickness Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.5 Medical Benefits

– Introduction

– Eligibility

– Benefits

– Payment Options

– Contribution

6.6 Workers’ Compensation insurance

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.7 Maternity and Paternity Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.8 Other Benefits

– Family Benefits

– Long Term Care Benefits

– Minimum Resources Benefits

– Unemployment Benefits

– Leaves and Holidays

7. Private Benefits

7.1 Retirement Benefits

7.2 Death Benefits

7.3 Medical Benefits

7.4 Disability Benefits

7.5 Accidental and Dismemberment Benefits

7.6 Other Benefits

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List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Malta – Country Statistics

Table 3 : Malta – Social Security Contributions (Class 1) Rate Basis for 2021

Table 4 : Malta – Social Security Contributions (Class 2) Rate Basis (2021)

Table 5 : Malta – National Minimum Wage, 2021

Table 6 : Malta – Retirement Benefit Contributions Paid by Employees (2021)

Table 7 : Malta – Retirement Benefit Contributions Paid by Employers

Table 8 : Malta – Retirement Benefits: Maximum and Minimum Contribution by Self-Occupied Persons (Weekly)

Table 9 : Malta – Workmen’s Compensation Benefit Paid based on the Degree of Disability

Table 10 : Malta – Benefits for Children

Table 11 : Malta – Long-Term Care Benefits User Contribution

Table 12 : Malta – Fixed National and Public Holidays

List of Figures

List of Figures

Figure 1 : Malta – Main Institutions of Social Security System

Figure 2 : Malta – Major Departments in the Department of Social Security

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