BOV boosting employee retention through Occupational Pension Schemes

“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 MHRABOV-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 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 organisation 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 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 on 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.