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Three in five worried about adequate pension

EU agency study finds many Maltese are worried about their future incomes

More than half of all men and women in Malta are worried about their eventual pension.

More than half of all men and women in Malta are worried about their eventual pension.

Three in five people are worried they would not have an adequate income when they reach old age, according to an EU survey on social insecurities.

The study by Eurofound, the EU agency for the improvement of living and working conditions, shows that 61 per cent of women in Malta fear the income they would receive once they retired would be insufficient. Men too had similar concerns and 57 per cent of the male respondents admitted they were worried about their income in the future.

The figures were slightly higher than the EU average: 58 per cent in the case of women and 54 per cent for men.

The agency asked respondents to state, on a scale of one to 10, how worried they were about their income in old age not being enough.

READ: Expert calls for automatic enrolment into 'second pillar' pension schemes

Biggest fears among those aged between 35 and 49

It found that the biggest fears were among those aged between 35 and 49.

Those who were jobless for a long time were particularly likely to worry about the matter, the Eurofound noted.

Satisfaction with the island’s pension system has been dwindling in recent years and a Eurofound analysis earlier this year showed that while satisfaction with healthcare and education grew significantly, the same could not be said for the pension system, which was given a rating of 5.8 out of 10.

Prime Minister Joseph Muscat said earlier this month that the upcoming Budget, to be presented on October 22, would again include an increase in pensions.

The Budget for 2018 had also provided for similar measures. All pensioners had been granted a weekly €2 raise, their non-taxable income ceiling being raised to €13,200. Yet, calls for improvements persisted.

claire.caruana@timesofmalta.com

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