First contributory pension scheme in public sector launched
Employees at Water Services Corporation to benefit from 'landmark initiative' in collaboration with Bank of Valletta
Water Services Corporation on Friday launched the first contributory pension scheme in Malta’s public sector in what is being hailed as a “landmark initiative” for its employees.
The voluntary scheme, which is supported by Bank of Valletta, “represents a strong commitment to staff wellbeing and long-term financial security” a spokesperson for WSC said.
The plan is designed to complement the state pension and any service pension employees may already hold. It allows participating WSC employees to make regular contributions form their monthly earnings, which are then matched by the Corporation, up to five per cent of their annual gross basic salary.
“We’re proud to be pioneering this initiative within the public sector, “ WSC CEO Karl Cilia said. “It’s an investment in our employees’ futures and a tangible way of giving back to those who make our success possible.”
The scheme is open to all active employees from managerial grades downward between the ages of 18 and 59 years who have completed their probation period. Contributions are deducted and matched every four weeks in line with payroll cycles and changes to contribution levels can ben made once a year.
While additional one-time contributions are also allowed, these are not matched by the Corporation. Importantly the WSC said employer’s contribution is not treated as a fringe benefit for tax purposes making the scheme even more attractive.