Pensions reform to continue - PM
Prime Minister Lawrence Gonzi indicated yesterday that the government would be continuing the process of pension reform.
Speaking at a PN activity in Gozo, Dr Gonzi did not give further details on the pensions reform process but included it in the various reforms being undertaken by the government.
The pensions reform was launched almost five years ago when the retirement age was gradually raised and the process was launched for the raising of the thresholds of pensionable income.
The reform was based on three pillars of which only one has been brought into force so far – that of government-funding pensions. The law, however, also provides for individual and employer contributions into privately run pension schemes, one of which would be compulsory and the other a voluntary top-up. Regulations would also need to be issued on fiscal incentives that may be applied to encourage people to contribute to the private schemes.
The pensions reform was not brought fully into force because of economic conditions when the law was enacted. Social Policy Minister John Dalli later set up a pensions expert committee to prepare the ground for the new regulations.
"We should be in a position to conclude the consultation process with all constituted parties and implement the second tier of the pension system within three years," Mr Dalli had said in June 2008.
The purpose of the second and third tier systems is to ensure that pensioners continue to enjoy an adequate pensions without straining public finances as the proportion of pensioners to workers increases.
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Robert Scullion
Feb 2nd 2010, 14:11
@lgalea
So I guess from your latest posting you aren't going to provide a link to the source of your information.
I, and everyone else then, can only speculate that you made that fact up.
"It is only eu servants who make up FALSE statements Scullion."
err, Death Penalty in Lisbon Treaty ... still claiming thats true then :)
"Curiosity killed the cat". - may we are stuck with things to say. Must be about the 100th time you said that. Unless you where a huge fan of the band from the 1980s with the same name.
"As I always say I am a Galea not a Scullion."
Just as well, would be terrible if people thought I ranted and raved and made up falsehoods.
lgalea
Feb 1st 2010, 22:53
Robert Scullion
keep harping scullion because as they say no one can teach someone who does not want to learn.
It is only eu servants who make up FALSE statements Scullion.
Continue being curious Scullion.
Curiosity killed the cat.
As I always say I am a Galea not a Scullion.
Robert Scullion
Feb 1st 2010, 20:04
@lgalea Any chance of a source to prove your point, or it is just another made-up statement? Perhaps the source is hiding with the source of your 'Death Penalty in the Lisbon Treaty' fact. Still what do we expect from a committed euro-septic .. so much so that you are even beginning to believe your own propaganda. lol "the flight of investment from Malta and the eu countries to the far east to take advantage of cheap labour by the capitalists." China, capitalists ... someone had better tell the Chinese Communist Party about that one.
Godfrey Camilleri
Feb 1st 2010, 19:50
Nearly all the bloggers below are doomsday bloggers. A Scandinavian country (at the moment I forgot which) has a retirement age of 70!! So at least we are decent to fix it at 65. What present pensioners need is to stop the farce of saying that we are getting a 2/3 pension, ie have the threshold increased to a realistic level compared to today's wages/salaries and have the pension tax free. We should not welcome Gaddafi unless he agrees to resolve our oil exploration realistic possibilies.
lgalea
Feb 1st 2010, 18:59
J Farrugia I am not fooling around Farrugia. It is only due to the idiotic eu regulations that workers are being made redundant and therefore income for the pensions schemes is dropping. That is the stupid one-size-fits-all eu policy and its regulations which is seeing the flight of investment from Malta and the eu countries to the far east to take advantage of cheap labour by the capitalists. Yes, the eu is simply a capitalists organization which is hell-bent to destroy the workers wages and working conditions which they have managed to get after long years of sacrifices. P Sciberras Excellent observation.
P Sciberras
Feb 1st 2010, 16:46
Does this reform include or exclude our MP s pensions ?
T. Pulis
Feb 1st 2010, 16:25
Fi zmien il-medju-evu kont titwieled, tahdem u tmut. Fi zmien aktar ricenti kont titwieled, titghallem, tahdem, tistrieh u tmut. Bhalissa titwieled, titghallem, tahdem, thallas il-loan, tittama li tistrieh u tmut. Issa x'gej? Se mmorru lura!!!!!
P. Schembri
Feb 1st 2010, 14:51
All of these changes are because statistics say that we're living longer!! BS!!!! The truth is because of the money involved in pensions has increased!!! Governments are finding it hard to give pensions, so they're increasing the working age so that the workers will have less time to enjoy their remaining days on earth, and that's the truth! Besides having a miserly life, toiling to make ends meet, our governments are increasing the working age so that we won't even live to get our pension!
A. Borg
Feb 1st 2010, 13:03
C Micallef ,
For your information service has been increase to 30 years for Policemen and Soldiers.
Gerard Cassar
Feb 1st 2010, 11:41
It is useless to refer to changes to the NI pensions without giving details.Most probably the measures contemplated will not be of advantage and will raise protests. The persons concerned are the best judges and not those who impose such schemes. The government ought to hear the public reaction to refine any scheme.
Let Mr. Dalli go to his Brussel's office and leave the pensionners in peace. He will have enough to finance freely his own way of living.
Wasn't he that sold the Mid Med Bank for peanuts, and now wants to decrease the benefits of the elder people. Do no longer interfer before you change your occupation.
C Micallef
Feb 1st 2010, 11:10
SHOULD WORKERS IN UNIFORM RETIRE AFTER JUST 25 YEARS SERVICE?
If the Pension problem is truly a national issue, I guess EVERYONE should shoulder a portion of it. I am NOT expecting that military and police personnel to retire at the age of 65 when these people often work very long hours with no union rights. I also do NOT expect any high ranking official (Sargent, captain, etc) to work more years when they are counting their remaining last years of service. But I do hope that for the new recruits, things should change in a way that if we are expected to work 4 more years, they should retire after 29 years of service. Fair enough!
mario gellel
Feb 1st 2010, 11:07
SO THIS MEANS PREPARE THE WAY TO PAY AN EXTRA NEW (BOLLA BALLA, PRIVATE INSURANCE, TAXXA, TARIFFA) TO MAKE GOOD FOR THE PENSION REFORM, IF EVER WE ARE TO MAKE IT TO PENSION AGE?????
MHUX TALLI XEJN MA GHADU B'XEJN, TALLI INRIEDU NHALLSU DOPPJU GHALIEH.
Paul Mallia
Feb 1st 2010, 10:44
Attention Everyone! This sure calls for loud bells to be rung! Please note that whenever the Government embarks on something, he is surely hell bent to implement it, whether it is made public or not!!! Pay attention, everyone as we have had so many changes with this pension matter that has changed the pensionable age so drastically, and we are not even aware that things have changed (and implemented) so much that when one thinks about availing himself of the pension, he ends up thinking twice about it. Everything is being implemented, and not as it is pronounced that consultation is taking place. In a hush hush manner after the consultation period elapses, everything is implemented, and this is making our life crazy as one cannot budget on the reforms, as they keep changing from day to day to our detriment of course. Is this what we get from becoming full EU members? Well, whether you like it or not that is what we're getting! Everything is going from bad to worse.
J Farrugia
Feb 1st 2010, 10:13
@ L Galea dont fool yourself with false propaganda by your party. Even Latin American countries are extending their pensionable ages to 67 (YES YOU HAVE HEARD IT RIGHT: 67 YEARS to retire). And these are non EU Countries. So stop fooling around. we dont need propagandists.
Lawrence Fenech
Feb 1st 2010, 10:08
Sajjetta ohra.
lgalea
Feb 1st 2010, 09:07
Yes Gonzi, increasing the pensionable age as dictated by the eu petty dictators who are sitting pretty in their offices.
This is another negative aspect of eu membership.
Let's save ourselves and Malta.
Let's leave the eu colonialist dictatorship as we have every right and duty to do