Retirement by Choice: A New Chapter for Malta’s Mature Workforce

Imagine this: You’re 58, you’ve just been made redundant, but you’re not ready to hang up your boots just yet. This is the reality for many Maltese professionals today, including Joe, a long-serving manager at a leading local company. “I have enough money to retire,” he says, “but I don’t want to. I’m not ready to stop working just yet.”

Malta’s Aging Workforce: A New Reality

Malta’s workforce is aging. According to Eurostat, by 2070, one in three Maltese will be over 65. This demographic shift is changing the game for both employees and employers. While some see it as a challenge, others, like Joe, see it as an opportunity.

Joe isn’t alone. A recent survey by the Malta Chamber of Commerce, Enterprise and Industry found that 60% of Maltese employees aged 55 and over want to continue working past the state pension age. But what does this mean for Malta’s job market and economy?

Retirement by Choice: A Growing Trend

Retirement by choice, or ‘phased retirement,’ is a growing trend in Malta and beyond. It’s about working fewer hours, moving into a less demanding role, or even switching careers entirely. It’s about having the flexibility to enjoy life while still contributing to the workforce.

Take Maria, for instance. After 30 years in teaching, she didn’t want to stop working altogether. So, she scaled back to part-time, took up a role as a learning support assistant, and now enjoys a better work-life balance.

Malta’s Response: Policy and Practice

Malta’s government and businesses are starting to take note. The Malta Council for Economic and Social Development is exploring flexible working policies. Meanwhile, some companies are reviewing their HR policies to accommodate older workers.

But there’s still a long way to go. Ageism is a reality in Malta’s job market. A 2021 survey by AGE Platform Europe found that 69% of Maltese people aged 55 and over feel discriminated against due to their age.

Joe, now working part-time as a consultant, believes change is possible. “It’s about shifting mindsets,” he says. “Employers need to see the value in our experience and skills. And we need to be open to new opportunities and challenges.”

As Malta’s workforce ages, the conversation around retirement is changing. It’s no longer about stopping work altogether, but about working differently. It’s about embracing the experience and skills of older workers, and creating a more flexible, inclusive job market.

So, what’s next for Malta’s mature workforce? . But one thing’s for sure: with more people like Joe and Maria leading the way, retirement by choice is here to stay.