Malta's Pensioners Face Increasing Poverty Risk as Government Fails to Implement Reforms

The proportion of pensioners in Malta at risk of poverty has doubled from 14.9% in 2013 to a staggering 30% in 2022, according to recent data. Despite this alarming trend, the Maltese government's 2024 budget measures are expected to benefit only 23,000 out of the total 72,868 pensioners in the country, effectively creating a two-tier system that leaves many elderly citizens vulnerable to financial hardship.

The government's failure to implement the recommendations of the 2020 Strategic Plan Review, which aimed to improve the indexation mechanism and reduce poverty among the elderly, has further exacerbated the situation. The review's proposals, had they been enacted, could have helped mitigate the growing risk of poverty and social exclusion faced by Malta's senior citizens.

Why this matters: The increasing poverty risk among Malta's pensioners highlights the urgent need for comprehensive reforms to ensure the financial security and well-being of the elderly population. The government's inaction in implementing the 2020 Strategic Plan Review's recommendations has left many pensioners struggling to make ends meet, underscoring the importance of addressing this critical issue.

Critics have pointed out the disparity in pension increases under different administrations, with the Nationalist governments providing higher average increases compared to the current Labour government. The Labour government's delay in implementing the 2020 Strategic Plan Review's recommendations has been a major point of contention, as it could have helped reduce the number of pensioners living in poverty.

"The government's 2024 budget measures are expected to benefit only 23,000 out of 72,868 pensioners, creating a two-tier system and failing to implement the recommendations of the 2020 Strategic Plan Review to improve the indexation mechanism and reduce poverty among the elderly," the data reveals. The stark reality of the growing poverty risk among Malta's pensioners underscores the urgent need for action to address this pressing issue and ensure the financial well-being of the country's elderly population.

Key Takeaways

• Pensioner poverty in Malta doubled from 14.9% in 2013 to 30% in 2022.
• 2024 budget measures to benefit only 23,000 of 72,868 pensioners, creating a two-tier system.
• Failure to implement 2020 Strategic Plan Review recommendations worsened pensioner poverty.
• Pension increases under Nationalist governments higher than current Labour government.
• Urgent need for comprehensive reforms to ensure financial security of Malta's elderly.