Measures ‘further strengthen adequacy’ of pension system

The measures announced by the Labour Party go some way to further strengthen adequacy, particularly for current pensioners, independent pension reform consultant David Spiteri Gingell said during yesterday’s edition of TheDailySpot, TheJournal.mt’s daily analysis of the electoral campaign.

Spiteri Gingell, who served as pension reform consultant to various administrations since 2004, said that adequacy and sustainability have always been the main challenges of Malta’s pension system.

“Major reforms have been done, and some significant ones following the strategic review of 2015 and we have seen over the process of these reforms improvements both in the adequacy element and the sustainability element of the pension system,” he said.

Spiteri Gingell noted the introduction of voluntary pensions as one of the measures introduced by the current administration with a long-term impact on future pensioners.

“I think the measure that was announced yesterday has a direct, immediate and pervasive impact on the adequacy of current pensioners,” he said.

“We are being acknowledged for having worked for the country” – Alfred Cachia

Also participating in yesterday’s edition of TheDailySpot was former headmaster and pensioner Alfred Cachia who said that with these proposals, we are looking forward to a new dawn in pensions and the care for pensioners.

“We pensioners feel that our future, whatever it might be, 2 years, 5 years, 10 years, 20 years, 100 years, is guaranteed and is being looked after. And we are being rewarded for our efforts, for our work. We are being acknowledged for what we did and for what we are. We are not being looked down upon, we are being acknowledged for having worked for the country, for having worked in the sector, for having worked to enhance Maltese lifestyle.”

Cachia added that the Labour Party’s proposals guarantee that pensioners can look forward to a bright twighlight.

“It is a bright tiwlight because in our latter years, we can sit back and say ‘Look, we are being looked after, we are not being abused or discarded, we are being given importance. We are being given all that we need with love and affection’.”

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