National Council of Women publishes pension reform recommendations

Pensions reform should also include measures strengthening community care support by introducing contributions to married persons caring for elderly persons or persons with chronic illnesses, according to the National Council of Women.

The suggestion was one of several recommendations presented by the NCW on pension reform this morning at a conference entitled “Women and Pensions. Creating Sustainable Pensions for Women in Malta”.

Salient recommendations were the introduction of an incrememental entitlement to a full pension for surviving female spouses who have been home-makers all their lives and the establishment of a government Guarantee Fund that will serve as a top up for persons of pensionable age.

The latter is intended to ensure an acceptable income for low earners now on a pension and a pension fund and would be funded by both employers and employees and is intended to help ensure a decent pension, in line with the minimum wage.

It also warned against underestimating the importance of agreement between government and stakeholders on strong active labour market policies.

There were 57,668 pensioners in 2013, receiving a total of €409 million. The current minimum weekly state pension for those entitled to it is €118.30 for single and €137.57 for married persons, not including bonuses and the one third of the cost of living adjustment.

NCW President Mary Gaerty highlighted how women’s role in society has consistently evolved into a more participative one, with aspects such as achieving a work-life balance and returning to the workforce after raising a family emerging as new challenges must be faced.

She praised the government’s introduction of third pillar pensions but will “wait and see” for more details on the implementation and timeframes of this proposal.