Malta Job market:
data, employment, sectors wages and tax
Let us understand the Job market in Malta by analyzing some data that help us understand the dynamics of the Maltese economy and the performance of its Job market including data, employment, sectors wages and tax
DATA
Data over the past 10 years show a significant increase in the total labor force (both full-time and part-time) in Malta from just over 184,000 in 2012, about 265,000 in 2020, 275,000 in 2021, to 296,000 in 2022, and the trend is still growing as is that of the population intending to move to live and work in Malta, in the small European archipelago in the middle of the Mediterranean.
Of these 296,000, 59 percent are men and 41 percent are women.
The unemployment rate in Malta as of September 2023 is only 2.8%. The European average is 5.9% while Italy is at 7.3% and with a youth unemployment rate of 22.0%.
Malta has an estimated population of about 542,000 and full-time employed persons to date turn out to be almost 270,000 , an increase of well over 8% from the previous year, to which must be added part-time workers who turn out to be more than 33,000, an increase of almost 4% (Jobplus data May 2023).
Of the more than 300,000 workers employed in Malta to date 2/3 are Maltese and 1/3 foreign workers of whom about 34,000 are European and 66,000 non-EU.
ITALIAN WORKERS
Italy with more than 11,000 is the European country with the highest number of expat workers in Malta, followed then by Bulgaria and Romania with about 2,500 each, Spain with 2,000 and followed by France, Germany, Hungary, Poland and Sweden all above 1,000 and then the other countries with less significant presences.
SECTORS
The highest employment sectors for Italians turn out to be gaming and betting, followed by catering and hotels, other business and consulting activities, the education sector, and boat repair and maintenance.
Full-time employment in Malta in the private sector, increased by 10.0 percent over one year, exceeding 218,000 people, while in the public sector, increased by only 0.2 percent over 2022, is more than 51,000.
EMPLOYMENT
Full-time employment of males increased by 8.4 percent to nearly 164,000
while that of females increased by 7.4 percent to 106,000.
The presence of employed women compared to men is higher only in the sector that includes public administration, education, health and social work while in the other sectors, the male component is preponderant.
For some useful tips on finding work abroad and in Malta in particular read the page INTERNATIONAL JOB
The steady growth in population and workforce has led Malta to significant challenges that we will see how it will address. Overcrowding, rising rental costs, congested traffic, and lack of adequate infrastructure are becoming more and more apparent and require appropriate action by the local government as soon as possible.
While Malta might be seen as less attractive in these respects, but, on the other hand, the country continues to struggle with an internal shortage of skills and abilities that pushes the country to seek solutions in external markets to meet the needs of specific categories of workers and professionals.
There are also job opportunities in different modalities such as:
MALTA RESIDENCE PROGRAM NRP for DIGITAL NOMADS
Malta is still attractive in terms of job offers and employment opportunities.
WAGES & TAX
In the general labor landscape, salaries can be quite modest, with a minimum wage or minimum salary of €192.73 per week, which will increase to €213.54 as of January 1, 2024.
However, in sectors such as gaming, IT, finance, and legal and compliance, and even high-value manufacturing sectors or Aviation and Yachting, salaries are considerably higher and directly proportionate to skills.
Another aspect to consider is the lower taxation compared to other European countries. GROSS/NET SALARY CALCULATION
In addition, opportunities for professional growth and advancement are often more accessible and faster than can be found, for example, in Italy.
CONTACTS FOR Malta Job market,
data, employment, sectors, wages and TAX RESIDENCY FOR INDIVIDUALS AND CORPORATIONS AND TAXATION OF EXPATRIATES AND IMPATRIATES
For any needs and updates on TAX RESIDENCE FOR INDIVIDUALS AND COMPANIES AND TAXATION OF EXPATRIATES AND IMPATRIATES and any other needs related to individuals, companies or assets in the country of your tax residence or abroad, please contact us here
