1. 70 Years retirement age Practical?
David Spiteri Gingell
Chairman
Pensions Working Group

2. PAY-as-you-go Demographics Stands at its Core
Workers Today Pay Pension of Today’s Pensioners
Future Workers Will Pay Pension of Today’s Workers
Changes in Demographics Will Pervasively Impact a PAYG Pensions System

3. NSO Demographic projections (2008)

4. Declining fertility rates (nso 2008)

5. Projection of life expectancy at 65 years by 2060 (europop 2008)

6. Projection of net migration by 2060 (europop 2008)

7. Projection of Children below 15 years by 2060 (europop 2008)

8. Projection of working age (15 – 65) by 2060 (europop2008)

9. Nso Projected population change by 2050 (2008)

10. Population changes: pWg (2004) vs awg (2009)

11. Fertility changes: pwg (2004) vs awg (2009)

12. Net migration: pwg (2004) vs awg (2009)

13. Life expectancy: pwg (2004) vs awg (2009)

14. Labour participation rates: pwg (2004) vs awg (2009)

15. Employment rate: pwg (2004) vs awg (2009)

16. Inflation rate: pwg (2004) vs awg (2009)

17. Labour productivity: Pwg (2004) vs awg (2009)

18. Real gdp growth rate: pwg (2004) vs awg (2009)
2005 to %
2021 to %
AWG
2009 to %

19. Pensions replacement rate: pwg 2004 vs pwg 2010

20. Pensions deficit in proportion to GDP: pwg 2004 vs pwg 2010

21. Demographic risk
Dependency Ratio falls from 1:4 in 2005 to 1:1.5 in 2050
Malta’s Population is Dying
Elderly Living Longer

22. Options More Births More Female Participation Immigration
Increase Retirement Age
Link Retirement Age with a Longevity Index
Mitigate Demographic Risk by Complementing the PAYG with a 2nd Pillar
All of the above

23. Pensions working group
Consultation Sessions Underway
World Bank targeted to be in Malta beginning of August
Presentation of Report by PWG to Minister, MEEF Planned for First Week of October of 2010

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