Living Wage Policy
The minimum wage needs to be a living wage. Not less. Anyone working full-time should not have to depend on charity to make ends meet. The minimum wage has trickled up whilst expenses continue to skyrocket.
COLA
- Revise how COLA is calculated. Develop a progressive system for different income brackets, where the lower the income, the higher the COLA.
Living Wage for Malta
- Every worker in Malta has the right to a Living Wage.
- A living wage is a minimum income required for food, housing, transportation, clothing, and also the ability to save for emergency expenses.
- This should be legally established.
- This should be legally established.
- A living wage is a minimum income required for food, housing, transportation, clothing, and also the ability to save for emergency expenses.
- Ensure Minimum Wage is at least 60% of the Monthly Median Wage.
- Current Gross Monthly Minimum Wage = €792
- Estimate Gross Monthly Median Wage = ~ €1824.84
- Target Monthly Minimum Wage = €1100.
- €253.85/week
- €6.35/hour of full time (40hr/week) work
- ~ 60% to account for possible increases in Median Wage
- €253.85/week
- Increase to Minimum Wage to €1100 over 3 years at a rate of €102.45 per month/year.
- If the employer can prove that the pace of the increase would impact the viability of the company, the employer may apply for a reduced VAT plan that foresees it increasing to original levels over 5 years.
- If the employer can prove that the pace of the increase would impact the viability of the company, the employer may apply for a reduced VAT plan that foresees it increasing to original levels over 5 years.
- The Minimum Wage is to continuously increase to maintain 60% of the Median Wage until the Living Wage is established.
- Create an NSO Directorate for the Living Wage.
- The primary responsibility will be to regularly and transparently publish data on a Living Wage in Malta in line with the rights of the worker as detailed in the former point.
- The Directorate will submit a recommendation for a Living Wage 6 months before the expected annual national budget starting from the year 2025.
- The Government will be obligated to adjust the Minimum Wage accordingly unless the received figure is below 60% of the Median Wage, then the latter is adopted.
Financial Literacy
- Introduce a free public accredited course for persons age 15 years and over, on financial literacy on the following subjects
- Ensure it tackles at least the following subjects;
- Budgeting,
- Investing,
- Personal Finance Management,
- Taxation;
- Ensure it can be done remotely.
- Ensure it tackles at least the following subjects;