‘Talent retention has always been essential for any successful business, and its importance is always on the rise as trends are amplifying the impact of losing skilled employees.' This was stated by Claire Falzon, Manager, Bancassurance Office at Bank of Valletta during the presentation of the MHRA – BOV – Deloitte Hospitality Survey results presentation for the third quarter of 2023.
“A Voluntary Occupational Pension Scheme, or ‘Workplace pension' is an ideal instrument that ensures that the current standard of living can be maintained upon retirement' continued Ms Falzon. ‘This is a big opportunity for forward-thinking employers to provide their employees with additional benefits, that go beyond the standard salary and working conditions through a scheme where both parties can contribute into building a pot that can supplement one's pension when pensionable age is reached.'
‘The schemes currently benefit from government tax rebates for both parties with the employer setting up the scheme and defining its parameters and the contribution made by the organization towards each employee. This is a very important step for an employee who is seeing to bridge the gap between the state pension and the level of one's lifestyle upon retirement, while increasing the attractiveness of the company, both with the current workforce and to attract new talent,' concluded Ms Falzon.
Bank of Valletta is offering its expertise and guidance to organisations wishing to set up a Voluntary Occupational Pension Scheme for their employees, as well as to any individuals who have their future financing at heart. One may call for planning support and guidance through the Bank's Bancassurance Office by email on bancassurance@bov.com or by calling 2275 1627.
Bank of Valletta has built a long-term partnership with the Malta Hotels and Restaurants Association (MHRA) with both parties sharing expertise and industry insights and identifying opportunities that can benefit the MHRA's members and their employees.
“The value of your investment may go down as well as up and you may get back less than you originally invested. If you invest in this product, you will not have access to your money before the retirement date. Tax treatment depends on individual circumstances. Tax legislation and the amount of rebate may change in the future.
Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, Valletta VLT 1130. Bank of Valletta p.l.c. is an enrolled Tied Insurance Intermediary under the Insurance Distribution Act, Cap. 487 of the Laws of Malta for MAPFRE MSV Life p.l.c. (MMSV). MMSV (C-15722) is authorised under the Insurance Business Act, Cap. 403 of the Laws of Malta. Both entities are regulated by the Malta Financial Services Authority.
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