Amid Rising Costs Of Living, 140,723 Employees In Malta Received Less Than Median Wage In 2021
140,723 employees in Malta earned less than the median wage in 2021, then €20,436 per year on a full-time basis, according to information by the Labour Force Survey (LFS).
This means that around a quarter of Malta’s full-time workforce is earning less than €1,703 per month. A growing concern amid the increasing costs of living in Malta. However, the amount does not take into account any bonuses such as overtime incomes.
Part-time workers earning a sub-median wage stood at 17,748. In these cases, persons were earning less than €10,838 per year.
The figures were revealed following a parliamentary question asked by PN MP Ivan Castillo to Finance Minister Clyde Caruana, who also stated that presently, 2,642 persons in Malta are on the minimum wage, which stands €792 a month, the 10th highest out of the 21 EU member states that have a minimum wage.
It has given cause for concern, since earlier last month costs of living were seen to have reached a record high, owing to soaring energy prices and food costs that powered a Eurozone inflation to a level not seen since 1997.
It unfortunately means that many in Malta often have to rethink their purchases and family budgets, if they hope to cope with the increasing daily expenditures.
The problem was recently addressed in an impassioned parliamentary speech by PN finance spokesperson Jerome Caruana Cilia, who warned that salaries in Malta have stagnated across several sectors and that more and more people are struggling to get by.
He cited a recent Eurofound study which found that the gap between the wealthiest people in Malta and the rest of the population has increased in recent years.
The study shows that the richest 5% of the people of Malta owned 40% of the national wealth in 2017, up from 33% in 2010. Meanwhile, the bottom 50% only owned 10% of the national wealth, down from 14% in 2010.
Presently, the average Maltese net salary stands at €1,021 a month, which is 20th out of the 27 EU member states.
Do you think salaries in Malta are too low?