2017 has been a break-through in Malta for the introduction of Employer Related Pension Schemes. The Malta government introduced a regulatory framework which includes considerable tax benefits for both employer as employees.
These tax benefits allows employers to make contributions into an Employer Related Scheme and deduct this from their taxable income. To encourage employers introducing these Schemes, additionally, they will receive a 15% tax credit on their Annual Income Tax bill.
Helping companies setting up and introduce Employer Related Pension Schemes is what we do for more than 20 years now at Worldwide Pensions. As our roots are Dutch, we have in-depth knowledge and a vast expertise gained from our experience working for various (multinational) Employers in The Netherlands.
In the past years we have shared our knowledge and expertise with a number of the leading companies in Malta. As they were in need of reducing cost for staff turnover, they wished to improve their employee benefits package by introducing a retirement scheme.
Based on a report which recently was issued by Jobsplus, staff-turnover rates have increased to nearly 40% in 2017. Whilst knowing that, based on a PwC report, the average cost of a person leaving is estimated 150% of a person’s annual income, it’s not difficult to understand that Employers want to improve retention.
Based on our international experience, Employer Related Pension Schemes are rewarded as the second most important benefit and helps HR to attract new talent and to improve retention.
As our knowledge and expertise is not limited to Pension Schemes only but also extends to other fields of Employee Benefits and HR, for a number of our current clients we succeeded in reducing reduced staff turnover rates by 60%.
We would be more than happy to share our knowledge and expertise and explain to companies more about the process of setting up Employer Related Pension Schemes and help them to improve retention.