Malta’s Boomers: The Unretirement Revolution

Imagine this: You’re 58, you’ve just been made redundant, and you find yourself staring at a hefty redundancy package. You’ve worked hard, saved well, and now, you could retire comfortably. But you don’t want to. This isn’t a midlife crisis; it’s a new chapter. Welcome to the world of ‘unretirement’, a phenomenon gaining traction in Malta, where baby boomers are choosing to stay active, engaged, and employed.

Malta’s population is ageing. According to Eurostat, by 2070, one in three Maltese will be aged 65 or over. This demographic shift is bringing about a new reality: many Maltese boomers are not ready to hang up their hats just yet. Take Joe, a 58-year-old former IT manager from Msida. “I’ve been working since I was 16,” he says, “I can’t just stop. I’m not tired; I’m not done.”

Joe’s story is not unique. A recent survey by the Malta Chamber of Commerce found that 65% of Maltese businesses have struggled to fill vacancies due to a skills shortage. Meanwhile, the unemployment rate for those aged 50 and over stands at 4.2%. It’s a perfect storm for unretirement.

So, what does unretirement look like in Malta? For some, it’s about pivoting to a new career. Take Maria, a 55-year-old former nurse from Birkirkara. After being made redundant, she enrolled in a digital marketing course at the University of Malta. “I wanted to learn something new, something that would keep my mind active,” she says. Now, she’s working part-time as a social media manager.

For others, it’s about starting their own business. Take a stroll down Strait Street in Valletta, once known as ‘The Gut’, now a thriving hub of cafes and bars. Many of these establishments are owned by older entrepreneurs who saw an opportunity and seized it.

Then there are those who choose to give back. Volunteer Malta, the national volunteering platform, has seen an increase in older volunteers. “We have people in their 60s and 70s who want to use their skills and experience to make a difference,” says CEO Maria Attard.

Malta’s new government has pledged to introduce policies that support older workers. This includes flexible working arrangements, lifelong learning opportunities, and incentives for businesses to hire and retain older workers. The Malta Chamber of Commerce is also advocating for age diversity in the workplace.

But there are challenges. Ageism is still prevalent in Malta, with many employers hesitant to hire older workers due to perceived health issues or concerns about training costs. And while the government has introduced measures to encourage people to work longer, such as raising the state pension age, these changes have been met with resistance.

Despite these challenges, the unretirement trend is here to stay. For many Maltese boomers, work is not just about money; it’s about purpose, identity, and social interaction. As Joe puts it, “I’m not ready to sit at home and watch TV all day. I want to feel useful, to contribute.”

So, what’s next for Malta’s unretirees? . But one thing is certain: the future of work on the Rock is changing, and it’s not just about youth.