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Central Bank of Malta participates in ILO and CONNECT Training to boost actuarial capacity of social security
institutions in Asia

On 21 November, the Bank's Chief Economist, Dr Aaron G. Grech and Mr Kurt Sant, a senior economist in the Fiscal Affairs and Reports Office delivered a presentation at a regional actuarial valuation training event organized by the International Labour Organisation (ILO). This workshop, held between 20 and 24 November in Bangkok, Thailand, was intended to boost the actuarial capacity of social security institutions in Asia.

The event had 40 participants from Cambodia, Indonesia, Lao People's Democratic Republic, Malaysia, Pakistan, Thailand and Vietnam. It was funded by Connect - a multi-stakeholder network of public institutions and not-for-profit organizations in the Asia Pacific region working to bridge gaps in social protection. There were speakers from the ILO, Asian social security institutions and universities, and the Office of the Chief Actuary of Canada.

Dr Grech and Mr Sant delivered a presentation on policy innovation in pensions, unemployment and social assistance benefits. Their contribution looked at the impact of two policy innovations carried out in Malta; namely the tapering of social security benefits for those taking up employment and the introduction of a top-up scheme for those opting not to take their pension at 61. These two schemes were found to have improved greatly the employment rate among vulnerable groups and led to longer careers amongst older workers. These research results have already featured in Central Bank of Malta publications and also in academic journals.

More information on the event can be found on the ILO's website.