The system that the government is proposing for sustainable pensions is good but needs retouching if it is to be acceptable to everyone, the Chamber for Small and Medium Enterprises said yesterday. The GRTU said that it had insisted on a system whereby a pension is effectively calculated on the basis of the number of years someone pays a contribution. When agreement was reached on the 40-year period, Malta had the highest required contributory period in the EU.

The GRTU, however, said it did not agree that those workers who paid contributions for 40 years should be forced to work until they are 65, if they are already 61. Those over 61 should be given the option to stay on or leave.

The Chamber said that there should be realistic financial incentives and adequate bonuses to encourage individuals to continue working until 65. The GRTU suggested that the retirement age clause should be studied again.