Unretired: The New Wave of Malta’s Silver Workers

Imagine this: you’re 58, you’ve just been made redundant, and you’ve got enough savings to retire comfortably. But you don’t want to. This isn’t a midlife crisis; it’s a new phenomenon sweeping through Malta’s workforce – the rise of the ‘unretired’.

Meet Malta’s Unretired

Meet Joe, a former manager at a leading Maltese software firm. After 30 years in the industry, he was made redundant last year. “I could’ve retired,” he says, sipping coffee at a café in Paceville, “but I didn’t want to. I’m not ready to stop working yet.” Joe is one of many Malta residents redefining retirement.

According to the National Statistics Office, the average age of retirement in Malta is 60.5 years. But with life expectancy increasing and pensions dwindling, many Maltese are choosing to work longer. A 2021 survey by the Malta Union of Bank Employees found that 70% of respondents planned to work past the official retirement age.

Why the Unretirement Boom?

Economic necessity is one reason. Malta’s cost of living is rising, and pensions often don’t stretch far enough. But there’s more to it than that. “It’s about purpose and identity,” says Dr. Maria Attard, a sociologist at the University of Malta. “Work gives people a sense of self-worth and social interaction. It’s not surprising that many people want to continue working, even if they could retire.”

Malta’s thriving tech and iGaming sectors offer plenty of opportunities for older workers. “Age is just a number,” says Mark, a 62-year-old software developer. “I’ve been working in tech since the 80s. I’ve seen it all, and I’ve got a lot to offer.”

The Unretired: A Blessing or a Curse?

On one hand, the unretired bring valuable experience to the workforce. They can mentor younger colleagues and fill skills gaps. On the other hand, they may be taking jobs that could go to younger people trying to enter the workforce. “It’s a double-edged sword,” says Dr. Attard. “We need to find a balance that benefits everyone.”

Government initiatives like the ‘Back to Work’ scheme are encouraging older workers to stay in the workforce. But more needs to be done, says Dr. Attard. “We need to challenge ageist attitudes and promote lifelong learning. We need to create a society where working longer is the norm, not the exception.”

Back at the café, Joe looks out at the bustling street. “I’m not ready to stop yet,” he says. “I’ve still got a lot to give. And I’m not alone.”