Minimum wage increase agreement signed by social partners
A minimum wage increase agreement that will see it increase over the next four years – over and above the annual Cost of Living Adjustment – was signed by the social partners in the presence of Prime Minister Robert Abela.
The first increase will be given on 1 January 2024, meaning that workers in this income bracket will get €200.73 per week which, added to the €12.81 that will be given as the COLA for 2024, will result in a €213.54 adjustment.
The increase to be given in the next four years is of between €12 and €18 per week.
Addressing the signatories, Abela said that this is the fulfilment of an electoral pledge and the agreement was reached with the consensus of all social partners.
He said workers at the low end of the salary scales will be seeing an improvement in their financial situation, added to the fact that energy and fuel prices will remain the same right through 2024.
The chairman of the Malta Council for Economic and Social Development, David Xuereb, said that the agreement is a celebration of social dialogue.
The agreement was signed on behalf of the government by parliamentary secretary Andy Ellul.
The signatories of the agreement were Mark Musù (deputy chairman of MCESD); Chris Vassallo Cesareo (president of The Malta Chamber of Commerce, Enterprise and Industry), Josef Bugeja (General Workers’ Union secretary general), Josef Vella (UĦM Voice of the Workers CEO); Paul Abela (president of the Malta Chamber of SMEs); Chris Attard (vice-president of the Forum Unions Maltin); Andrew Agius Muscat (Malta Hotels and Restaurants Association CEO), Ben Rizzo (chairperson of the Civil Society Committee), Martin Balzan (president of the Confederation of Malta Trade Unions) and Joanne Bondin (president of the Malta Employers’ Association).
The agreement had been announced by the government earlier this week.
The increase of Malta's minimum wage, which today stands at €192.73 per week, equivalent to €4.81 per hour will be adjusted to €200.73, plus the COLA which will be given in 2024, amounting to €213.54. At an hourly rate, the new increase is equivalent to €5.34 per hour.
In 2025, the minimum wage is to increase to €203.73 per week, plus the 2024 and 2025 COLA.
In 2026, the minimum wage will further increase to €206.73 per week, plus COLA 2024, COLA 2025 and COLA 2026.
In 2027, the minimum wage is to increase to €210.73 per week, plus COLA 2024, COLA 2025, COLA 2026 and COLA 2027.
Those who, in 2023, have a minimum wage varying between €192.73 and €198.73 per week, due to yearly increments will, in 2024, receive an increase of between €2 and €8 per week, excluding the 2024 COLA.