Average salaries increase by 2.5% in 2021, finds Misco survey

Salaries in Malta experienced a 2.5 per cent rise in 2021, according to an annual survey released on Thursday by consultancy firm Misco.

Findings include that salaries have, in some areas, remained fairly stable whilst in some other areas an increase has been observed, particularly in highly competitive sectors and those not harshly impacted by the pandemic.

This compares well with the EU’s report of an increase of 2.5 per cent in compensation per head between 2020 and 2021.

This is one of the main outcomes reported in Misco’s 36th edition of its annual Salaries and Benefits Report for 2021.

Another element highlighted in this report refers to how companies are adopting different strategies in the way they approach employee remuneration.

A number of employers appear to be focusing on the retention of employees, particularly if their sector was not severely affected by the pandemic.

Others appear to be focussing on the survival of the enterprise. These adaptations are and should be encouraging employers to adopt a more holistic approach to their human resources function. 

“This development now requires the next step, which is developing a strategic longer-term human resources strategy that forms an integral part of the company’s business strategy,” predicted Misco founding partner Lawrence Zammit.

Compiled by Misco, the 36th edition of the report is based on up-to-date data collected specifically and obtained directly and exclusively from employers.

For these reasons, Misco says the report acts as a strong and reliable reference report on employee compensation in Malta with detailed information on salaries and related benefits, as well as an analysis of recent developments in Malta’s labour market.

Commenting on the results, Mr Zammit, said the year has been a challenging one for the country and the economy, and that further challenges lie ahead as Government support to businesses is tapered off.

Joanne Bondin, Director of Misco Consulting added that “the report is now in its 36th edition and Misco seeks to ensure it remains alive and relevant to employers in the constantly changing market dynamics.

“In fact, this year’s edition includes twelve new positions and the realignment of job roles to reflect the dynamics and the changes going on in the Maltese labour market,” she said.

The categories of jobs covered in the report include management, executive, clerical, and technical roles in various private, foreign-owned and government controlled, service and manufacturing companies.