Most Maltese Favour Private Pension to Complement State Scheme
A national study has found that most people in Malta support the introduction of a private pension scheme to complement the state pension, even though the majority expressed satisfaction with the country’s existing social services. Conducted by statistician Vincent Marmara and commissioned by the Ministry for Social Policy and Children’s Rights, the study revealed that over 60 per cent of respondents believe social benefits improve quality of life. Satisfaction was highest among those aged over 65, averaging 3.63 out of 5. Minister Michael Falzon welcomed the findings, noting that while the results show broad approval, the government would continue strengthening areas requiring further attention to ensure better social outcomes for all. (Times of Malta)
Expert tells court how MCAST employee exploited payroll loopholes to siphon €2.3m
A forensic audit has uncovered how former MCAST finance manager Francine Farrugia allegedly diverted more than €2.3 million in public funds into her personal accounts by exploiting payroll system loopholes. Testifying in court, Dakar Software Systems CEO David Schranz described how Farrugia allegedly created falsified employee records linked to her IBAN, which she later deleted after payroll processing. The transactions, reportedly occurring almost every month between September 2023 and July 2025, were only exposed through a technical audit. Farrugia, who joined MCAST in 2019, faces charges including embezzlement, misappropriation, fraud, and money laundering. Schranz said the manipulation went unnoticed in routine payroll reports, as the falsified data disappeared before standard checks were carried out. (The Malta Independent)
Foreign-Owned Firms Generate Nearly Half of Malta’s Economic Output
Foreign-controlled companies continue to dominate Malta’s economy, generating 43.8 per cent of total value added in 2023 despite representing only 2.4 per cent of business units, according to new data from the National Statistics Office. These enterprises produced €5.9 billion out of Malta’s €13.5 billion total value added, up slightly from 2022. The figures highlight the growing influence of overseas ownership, particularly in the gambling and technology sectors. The gambling industry is now almost entirely foreign-controlled, contributing 94.3 per cent of value added in the sector. Overall, foreign firms employ more than 45,000 people, underscoring Malta’s heavy reliance on international investment for economic growth and competitiveness. (Newsbook)
