Prime Minister recognises that people with average salary have problems saving money

Prime Minister Joseph Muscat has recognised that people on an average salary have problems saving up in today’s economy.

Muscat, when he was asked by The Malta Independent last week about his Parliamentary declaration of assets showing the exact same amount for in deposits since 2015, said that he is not managing to save money. As at 31 December 2013, he had declared that his bank deposits stood at €70,000 with Bank of Valletta, this shifted upwards to €75,000 in the following year’s declaration (as at 31 December 2014), and remained at that amount every year. The Prime Minister earns around €56,000 from his post, in addition to around €6,000 in allowances.


This particular situation led the PN to erect billboards with the Prime Minister’s response.

Asked by this newsroom how he expects people on the average wage, or the minimum wage (which is substantially less than his salary) to save money if he can’t, he said: “This is why we need to keep working to improve wages and working conditions. I empathise with people who are still not managing to keep up and that is why we need to improve the quality of life. I absolutely know it is an issue and a problem especially for people who rent, for people who have small children or have particular situations and that is why we have to keep working.”

The average salary in Malta, according to the Labour Force Statistics Survey noted that the average annual basic salary of employees for the third quarter of 2018 was estimated at €19,076.

Back to: Malta Blog