The first GEMMA webinar for 2021 was on the topic of the future adequacy, sustainability and solidarity of Malta’s pension system following the publication of the strategic review mandated by law every five years and following which a public consultation is being held till 31St March 2021.
The discussion touched on many aspects of this topic present from different the different perspectives of the panel which consisted of Mr Mark Musu’, Permanent Secretary in the Ministry for Social Justice, the Family and Children’s Rights, Ms Renee Laiviera, Commissioner for Equality, Ms Abigail Mamo, CEO of The Malta Chamber of SMEs, Mr Carmelo Mallia from the National Association of Pensioners and Mr Nikos Chircop, Press Officer of JEF Young European Federalist. This followed an overview presented by David Spiteri Gingell, GEMMA’s Team Leader, highlighting salient features of the state of the pension system, the main point being that although the its sustainability has improved since the World Bank Report, it will go into deficit by 2050. Abigail Mamo noted that such projections relied heavily on the assumptions behind them and therefore one had to be cautious when evaluating such projections. One of the main points which was noted was the contribution made by females participating in the economy which has gone up to 60% from 30% in a relatively short period of time. As Renee Laiviera pointed out, however, while a lot has been done in this sector, there is still a significant way to go in terms of equality. Both Carmelo Mallia and Nikos Chircop, representing as they were two ends of the age spectrum, underlined the need for the pensions system to be based on social solidarity.
Mr Mark Musu noted that reforming the pensions system is ongoing as it needs to adapt to changes within society, the economy and indeed external events and that the viewpoints expressed during the webinar helped policy makers make more informed decisions.