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1 AUGUST 2001
Editorial The Private pensions reform and the unions 
Opinion Stop hurting local industries Letter from Ghaqda Imprendituri Maltin (GHIMA) The Ghaqda Imprendituri Maltin (GHIMA) expresses solidarity with Federation of Industry (FOI) and the lifting of levies. Money market report for week ending 27 July 2001 Monetary Policy Council Leaves Rates Unchanged Central Bank Monetary Operations |
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By Kurt Sansone An analysis of the Maltese population according to age groups shows that in six years time Malta will start facing a larger pensionable age group as the post-war baby boomers reach the age of 61. Following World War II, Malta like the rest of the world experienced a sudden increase in its population. This social phenomenon is referred to as the post-war baby boom. The 1995 census revealed that the baby boom took off in 1946 and continued until 1950. Today these people are aged between 51 and 55. In 1995, when the baby boomers were six years younger, the census calculated a total of 30,729 people falling within that age bracket. Although today the amount of people would have certainly dropped because of death related causes the age group still represents the largest segment ever to reach pensionable age at one go. However, the situation does not get any better beyond that age bracket. During the 1950’s the number of births maintained an all time high. The 1995 census calculated the number of people falling within that category to total 58,236. Today, these people are aged between 41 and 50 years of age. This means that in a span of between six to 20 years time Malta will progressively be facing an increasing pensionable population. This is contrasted with an ever-decreasing birth rate, which will see the ratio of workers to pensioners decrease further in the years to come. Maltese pensions are financed by the taxes paid by current workers. This means that unless a comprehensive solution is found to the problem, over the next 20 years we may end up paying more taxes to finance an ever-increasing ageing population.Read full story: The pensions time-bomb is ticking very fast News Seeing the light at last The Cottonera project, which has been both the source of applause and controversy, had its cornerstone laid this week, with the inauguration of the Casino di Venezia on Monday and its official opening to the public tomorrow. By David Lindsay GDP, GNP up slightly The National Statistics Office reported this week that, over this year’s first quarter, both Malta’s Gross Domestic Product and Gross National Product at market prices increased nominally by respective percentages of 5.2 and 3.1 Shameless Real estate agents make illicit gains at clients’ expense No wonder surveys put real estate agents in the lowest bracket when it comes to public esteem. A report in the Sunday issue of MaltaToday confirms activities by property negotiators that has contributed to widespread financial hardship with many first time buyer IoD welcomes Draft Code on Corporate Governance Calls for quarterly statement of voluntary Code compliance The Malta branch Institute of Directors yesterday welcomed the Malta Stock Exchange working group’s Draft Code on Corporate Governance, aimed at encouraging further transparency public listed companies, while stressing that the Institute is currently working on governance issues that extend beyond publicly listed companies and encompasses all business types. By David Lindsay Internet accessibility for the visually impaired Making the Internet and computer technologies accessible to people with special needs is a challenge that Kristoff Zammit Ciantar has embarked on
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Editor: Saviour Balzan
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