The STM Malta Occupational Retirement Pension Scheme has been created to help companies in Malta attract industry professionals.
Thanks to the scheme, Maltese igaming companies can offer added incentives to existing employees but also provide them with a unique selling point when recruiting the sector’s most experienced workers.
Managing director at STM Malta Pension Services Limited, Deborah Schembri, says the scheme offers a simple and cost-effective solution to businesses. It’s one that can be tailored to each company and its employees regardless of whether the business is large or small.
Schembri said: “The advantages local businesses can gain from our new pension product extend far beyond simply helping their employees to achieve their financial goals in retirement.
"It’s also a valuable recruitment tool to attract and retain the best people in a very competitive jobs market, plus it’s an excellent way to improve staff engagement, motivation and productivity. For employees it offers a value for money investment with the costs of administration supported by their employer.
The scheme also allows firms to offer a corporate tax incentive and a personal tax credit to employees. The scheme is seen as a compounding investment based in a jurisdiction with no tax growth.
It is established under a master trust for multiple employers and licensed by the Malta Financial Authority (MFSA).