The European Commission's white paper "An Agenda for Adequate, Sate and Sustainable Pensions" was a means of supporting the continuing reform of the pension system, the government said.
In the white paper, the European Commission stressed that Malta should move fast in raising the retirement age and encouraging private pensions schemes.
It recommended that the island should stop promoting “early retirement schemes” as these worked against the prevalent target to increase the employment rate among older workers in Europe.
The government said in a statement this evening that reforming the pension system had been a priority for the government for over a decade. The rationale always was to introduce a comprehensive reform programme with the main objective of safeguarding the future sustainability and adequacy of Malta's pensions system.
In 2004 the government issued a White Paper which recognised that Malta had to take appropriate action to secure a far stronger basis for an adequate and sustained pension system for future pensioners given the projected changes in demographics including a potentially shrinking population due to a...
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