At a news conference with the theme ‘Malta we want for our children’, the Minister for Finance and Labour Clyde Caruana spoke about how the Budget for the year 2022 will continue to strengthen the labour market in present as well as for years to come.
Minister Caruana said that, “The measures taken by the government to safeguard the work and livelihoods of thousands of Maltese and Gozitan families during the pandemic, today, a year and a half later, are turning into “Figures that show how well they really worked – with more people in the world of work, and fewer unemployed people.” He spoke about how these two factors continue to show how strong our country has a labor market, as well as allowing for confident targets and growth forecasts of 6.5% and a deficit of 5.6% for next year.
The 2022 Budget introduced measures that will further increase the country’s productivity, encourage Maltese and Gozitan workers, as well as make the field of work more attractive. Minister Caruana mentioned a number of measures, such as the introduction of a 15% to 10% reduction in the part-time tax and the widening of the number of hours that can be done in an over- time at a tax rate of 15%. He also explained how, over a five-year period, the amount of tax will be reduced for those pensioners who choose to stay in the world of work, while those workers who work with contractors who giving service to the government will be being paid at a double rate on Sundays and holidays.
Minister Caruana also spoke about how the Budget presented by the government incorporates recommendations from the National Labour Market Policy document for the next nine years. He said that early next year, the government will begin to meet the biggest challenge of the labour market – improving workers’ skills. “In the Budget, we announced a census that will be the first of its kind both in our country and in Europe. This will give a clear picture of the skills that Maltese and Gozitan workers have, where are the shortcomings and also where the investment should be made, ”said Minister Caruana.
In addition, the Budget also announces how the government will be investing € 2 million so that companies can provide the necessary training to their workers. There will also be a Digital Audit of each workplace – an exercise to ensure that the opportunities that the digital world is expected to create in the world of work can be seized by Maltese workers. This is in view of the fact that these jobs in need of more skills and better wages lead to true social mobility.
The Minister called this Budget a first step in what will be an exercise that will take a number of years to continue to meet people’s expectations – higher wages and a better standard of living for Maltese families and Gozitans.
Photos: MFE
