Unretirement: The 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. You’ve got enough money to retire, but the thought of spending your days in the sun, sipping on camomile tea, doesn’t quite appeal. You’re not alone. Meet Joe, a long-time employee of a prominent Malta-based company, who found himself in this very situation.

Malta’s Silver Tsunami: A Growing Trend

Joe is part of a growing trend in Malta, a ‘silver tsunami’ of mature workers who are choosing to continue working past the traditional retirement age. According to the European Commission, the average age of retirement in Malta is 62.5 years, but this is set to rise as life expectancy increases and pension pots dwindle.

Malta’s aging population is another driving factor. The National Statistics Office reports that by 2050, one in three Maltese will be over 65. With fewer young people entering the workforce, the demand for experienced, skilled workers like Joe is only set to grow.

Unretirement: A Global Phenomenon

Unretirement, as it’s being called, is a global phenomenon. A study by the UK’s Centre for Ageing Better found that one in four people over 50 in the UK plans to work beyond state pension age. In the US, the number of workers aged 65 and over has increased by 37% since 2010.

Closer to home, the Malta Union of Teachers recently called for an increase in the retirement age for teachers to 65, citing a shortage of qualified educators. This could pave the way for more unretirees in Malta’s education sector.

Unretirement in Malta: Opportunities and Challenges

For Joe, unretirement means us his decades of experience to start his own consultancy business. He’s not alone. The Malta Enterprise’s Start-Up Scheme offers financial incentives for new businesses, making it an attractive option for unretirees.

However, unretirement isn’t without its challenges. Age discrimination is a real concern. A 2021 survey by the European Commission found that 68% of Maltese people aged 55-64 believe they would face age discrimination if they were looking for a job.

Malta’s labor laws currently don’t provide specific protections for older workers. While the Employment and Industrial Relations Act prohibits direct and indirect discrimination on the grounds of age, there’s no specific provision for positive age discrimination, like quotas for older workers.

Retraining and Reskilling: The Key to Unretirement

To embrace unretirement, Malta needs to invest in retraining and reskilling its mature workforce. The Malta College of Arts, Science and Technology (MCAST) offers courses tailored to older learners, and the Malta Council for the Voluntary Sector provides training opportunities for those interested in volunteering.

Joe, for one, is optimistic. “I’ve spent my life learning and growing,” he says, “I’m not about to stop now. I’m excited about this new chapter, and I think Malta is ready for it too.”

As Malta’s population ages and the demand for experienced workers grows, unretirement could be the key to a more diverse, skilled, and resilient workforce. It’s time we start talking about it, and time we start planning for it.