The majority of Maltese respondents are ‘not concerned’ about the demographic consequences of old age on the economy and object to any further increase in retirement age, according to a new survey.

Although 78 per cent of respondents are conscious that in 20 years time Malta’s population is going to grow much older, only 36 per cent expressed concern about the consequences.

The survey shows that the majority of Maltese, 62 per cent, disagree with any further increases in retirement age. Only 31 per cent are prepared to accept further increases.

Malta’s Eurobarometer survey was conducted by Misco International last October among a sample of 500 people.

The survey results show the Maltese are more flexible with working beyond their legal retirement age.

Although 23 per cent would like to continue working after they reach retirement age, 75 per cent believe those who want to continue working beyond retirement should be able to do so. Just 18 per cent agreed that older workers should be obliged to retire once they reach pensionable age.

18

– percentage of those who agree older workers should be obliged to retire once they reach pensionable age

Asked whether there should be a retirement age at all, Maltese respondents were split in half, with 47 supporting the idea and 46 per cent opposed.

In recent years, European governments have been struggling with public opinion to introduce major reforms in the pensionssector to cushion the inevitable ageing time-bomb.

The Maltese government has also introduced major reforms in this area, although the European Commission still believes more needs to be done to ensure pensions are on a sound footing.

Through these reforms, the retirement age of men and women has been put on an equal footing while the retirement age will be gradually increased to 65.

In the last few months, the government embarked on a stock-take review of pension reform to consider moving towards the introduction of a second phase involving voluntary private pensions. However, no decisions have been taken so far.

The EU survey also sheds light on people’s perceptions of the definition of old age. On average, the Maltese quantify old age to start at 65 while many believe one stops being young at 37.

On the other hand, most other EU citizens believe old age starts at 64 and one stops being young at 42.