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2. Trusted Independent Knowledge
• Over 70,000 website
visitors since launch.
• Over 200 posts
• New content
published twice a
week.
• Resources
• Calculators
• Infographics
• Videos
• Presentations
• And more.
Website
3. 02 The Pension Framework
03
Voluntary Occupational
Retirement Scheme
04
VORPS as a Strategic HR
Retention Tool
01The Cost of Losing an Employee
AGENDA
3
5. YOUR EMPLOYEE
• In the new economy undoubtedly your
company’s most import resource
• Produces more and adds more value as s/he
learn and gain experience
• A considerable part of that knowledge is in his
or her head, emails, and on the computer
hard disk
6. RETENTION IS BECOMING
MORE CHALLENGING
• Social shifts: aging; migration; globalisaton,
mobility and millennial’s culture, etc.
• Never been easier for employees to find new
jobs
• Increasingly difficult to find employees with
the skills essential for a 21st century workforce
7. WHY TURNOVER
MATTERS
• It is costly
• It affects a business’s performance
• It may become increasingly difficult to manage
8. LOSING AN EMPLOYEE:
WHAT IT MEANS TO YOU IN €
AND IN INTANGIBLE TERMS
Financial HR staff time (exit interview, payroll administration, benefits)
Manager’s time (retention attempts, exit interview)
Accrued paid time off (vacation, sick pay)
Temporary coverage (contingent employee, overtime for remaining employees)
Replacement New hire’s compensation
Hiring inducements (signing bonus, reimbursement of relocation expenses,
perks)
Hiring manager and unit/department employee time
Orientation program time and materials
HR staff induction costs (payroll, benefits enrolment)
9. Training Costs Formal training (trainee and instruction time, materials, equipment)
On-the-job training (supervisor and employee time)
Mentoring (mentor’s time)
Socialization (other employees’ time, travel)
Productivity loss until replacement has mastered job
LOSING AN EMPLOYEE:
WHAT IT MEANS TO YOU IN €
AND IN INTANGIBLE TERMS
10. Other Delays in production and customer service; decreases in product or service quality
Lost clients
Clients not acquired that would have been acquired if employee had stayed
Stiffer competition as employee moves to a rival company or forms own business
Contagion (other employees decide to leave; for example, to join defector at his/her
new organization)
Disruptions to team-based work
Loss of workforce diversity
Nobody selected
Replacement is a mistake
LOSING AN EMPLOYEE:
WHAT IT MEANS TO YOU IN €
AND IN INTANGIBLE TERMS
11. ESTIMATING PRODUCTIVITY LOSS
Direct Costs to Replace an Employee
Average costs per hire €2,500
Average 1st year training costs
per hire
€4,000
Total Direct Costs €6,500
Interim Reduction in Employment
Costs
Total average employee costs €50,000
Average time to hire 52 days
Interim Reduction in
Employment Costs
€7,000
Total Cost of Turnover / Lost
Employee
Direct costs €6,500
Interim reduction in
employment costs
€7,000
Lost productivity €40,300
Total cost of Turnover €39,800
Lost Productivity Costs
Average time to hire 52 days
Average time to reach productivity of
lost employee
+ 60 days
Total non productive days = 112/365
Average annual revenue per employee €130,000
Interim Reduction in Employment
Costs
€40,300
12. WHAT THE LITERATURE
SAYS ON COST OF TURNOVER
• Time to replace: on average 52 days (Bersin-Deloitte)
• Time to train: between 4 to 8 weeks at a minimum (Bersin-
Deloitte)
• Productivity: may take new employees 6-9 months to
become productive and profitable (Bersin-Deloitte)
• External hires demand a 18% to 20% more in salary than
internal hires (University of Pennsylvania)
• Direct replacement costs can reach as high as 50% to 60%
of an employee’s annual salary (Society of HRM)
• Total costs associated with turnover ranging from 90% to
200% (Society of HRM)
14. EXAMPLE OF COST OF
LOSS OF EMPLOYEE
No of
Hrs
Average Cost /
Hr - €
Cost
On Resignation Exit interview, administration,
etc.
4 11.25
Payment of unutilised VL, 1,363 1,428
Replacement
Administration
Advertising, interviews,
negotiation, contract,
administration, etc.
7 10.33 698
Replacement
Costs
Contagion, induced stress,
temporary coverage
Not Estimated 0
Training Costs On-line, formal mentoring, 52 16.5 1,732
Productivity 15,116
Total 15,116
In proportion to compensation package of €30,000 50.4%
16. Labour Market
Malta Employers Association - 2019
Employees claiming higher remuneration
Main reasons for wage inflation in respondent's organisation
Average wage increase (incl COLA)
in respondent's organisation
Labour Costs affecting
respondent's organisation
17. Labour MarketAverage labour turnover
Employee categories contributing to highest turnover
How are companies dealing with
labour market shortages
Claims for salary increases by size
of company
What is resulting in labour turnover
18. Labour Market
Central Bank of Malta - 2019
Length of stay by Nationality Length of stay by Age Length of stay by Size
of Employer
21. MALTA’S PENSION
FRAMEWORK
First Pension
Social Security Contributory Pension
Universal coverage
Mandatory
Second Pension
Voluntary Occupational Retirement Pension
Contribution by Employer
Incentive based
Third Pension
Voluntary Personal Retirement Pension
Incentive based
22. KEY LIFE JOURNEY
MILESTONES
18
yrs
28
yrs
50
yrs
61
yrs
65
yrs
79
yrs
84
yrs
Initiate 1st
Job or
continue
education
Likely enjoying
life and spending
on consumer
goods and
travel
Settling down and
saving to start a
family – during this
period structured costs
entered into – mortgage,
education, etc. Like to
have dis-savings.
Period leading to
retirement (at 61 or 65
years) is period most
likely to save as mortgage
is paid and children have
grown
For persons born 1962 and over
retirement age is 65 years – but if born
between 1962-1968 can retire at 61 with
40 year contributions; and if born on and
after 1969 can retire at 61 years with 41
contributions Male
longevity
Female
longevity
Retirement 14 yrs;
19 yrs if early exit
option is chosen
Retirement 19 yrs;
24 yrs if early exit
option is chosen
Likelihood of eating through
savings in the absence of
a retirement plan. A
female is more likely to
be vulnerable to this as
she has a longer life
expectancy than a male
23. DESIRED QUALITY OF
LIFE IN RETIREMENT
=
Pension
Income - Income from
Employment +
Desired
Quality of
Life in
Retirement
?
Quality of
Life in
Retirement?
24. 24
DESIRED QUALITY OF LIFE (II)
Pension
income
in 2020
Born on
and after
1962
Maximum
Pensionable
Income
€24,986
Maximum
Annual
Pension
€16,657
Salary €25,000 €30,000 €40,000 €50,000
Pension in
proportion to
Salary
67% 56% 42% 33%
26. HOW MUCH
IS ENOUGH?
In determining
what is enough
you must take
into account the
following
MONTHLY AMOUNT SAVED
PERIOD YOUR ARE SAVING
PLANNED WITHDRAWAL
27. THE POWER OF
COMPOUNDING
€83/
month
25years 40years
Invest forAge
€71,772
Amount at age 65
Investing €1,000 annually at 2.5% Interest Rate
40years 25years €27,821
50years 15years €19,828
29. WHAT IS A VORPS
• A pension scheme introduced by an employer either
through collective bargaining or as a model employer
or for competitive advantage purposes
• Based on a contribution paid by both the employer and
the employee
• Employer is incentivised in order to introduce a VORPS
• An employee is incentivised in order to become a
member of a VORPS
• Normally established as a Pension Insurance Contract
with product offered by financial institutions
• Normally designed on a ‘defined contribution’ basis
30. VORPS’ KEY RILES
• Rules relate to contributions paid to a Qualifying
Scheme established in the context of an
employment relationship for the purposes of
providing retirement benefits to qualifying
employees
• Scheme is established on a voluntary basis for, or
by:
– An employer
– Number of employers
– An association representing employers, jointly or
separately, for the benefit of qualifying employees
31. VORPS’ TAX
BENEFITS
Contributions Made Tax Benefit Remarks
Qualifying Employee Tax credit of 25% of contributions
made into a VORPS up to €500
each year
• Administrator reports to IRD
• Contributions stated in FS3
• In addition to tax credits
received if employee has a
Private Personal Pension
Qualifying Employer Up to a maximum of €2,000
qualifying contributions in respect
of each qualifying employee can
be claimed as tax deductible
expenses
• P/L taxable item
• Allocated to the Final Tax
Account in the case of a
company
Tax credit of 25% of contributions
made into a VORPS up to €500
each year
Contributions made by employer
are not subject to Fringe Benefit
Tax by the Employee
Administrator reports to IRD
33. Does Introducing a Pension
Strategy provide an
Organisaton with a
Competitive Advantage?
• Do you believe that offering higher salaries is
the only way to retain or attract talent?
Measures taken by Maltese Firms to Counter Turnover - MEA
34. HOW DO EMPLOYEES VIEW A PENSION AS
PART OF THEIR EMPLOYMENT PACKAGE?
• Research in the UK shows that employees are
not only after bigger salary or bonus. 82% of
UK employees said pensions were an
important part of their benefits package,
ahead of performance related bonuses,
support for mental health and stress and
private medical insurance1
1. Peoplemanagement.co.uk
35. How to Make Pensions
Part of the Talent
Retention Strategy
• Flip the way you look at pensions on its head
• Reframe pensions so that employees see you as a
trusted partner – a social partner that works with them
to ensure they can be confident in their quality of life
during retirement
• Shows that the organisation is providing a sense of
comfort and assurance about their retirement, and
encourages them to stay
• Support staff with financial education and guidance are
essential to make employees feel confident about their
future and engaged enough to make informed, positive
decisions about their pension along the way
37. FOR FURTHER INFORMATION
David Spiteri Gingell
Programme Leader
Office of the Permanent Secretary
Ministry for the Family, Children’s Rights, and Social Solidarity
david.spiteri-gingell@gov.mt
www.gemma.gov.mt
gemma@gov.mt