Employee Benefits in Malta
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.
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.
This report provides a detailed analysis of employee benefits in Malta: