Broadwing Employment Agency is offering a free tool to calculate your weekly, monthly, or yearly net salary based on the tax rates in Malta. This simple tool gives a clear breakdown of gross salary and deductions including tax, Social Security contributions (SSC/NI), government bonuses and most importantly the net salary you take home.
Read more about Malta’s 2024 Payroll Adjustments & Employee Benefits
Include Secondary Income (Part Time)
I'm a Student
I'm under 18 years old
I was born before 1962
Calculate SSC at 10% (Only for Category B)
| Period | Weekly | Monthly | Yearly |
|---|---|---|---|
| Gross Salary | |||
| NI ^ | |||
| Tax | |||
| Statutory Bonus# | € 9.86 ** | € 42.71 ** | € 512.52 # |
| NET Salary |
| Period | Weekly | Monthly | Yearly |
|---|---|---|---|
| Gross Salary | |||
| Tax | |||
| NET Salary |
| Period | Weekly | Monthly | Yearly |
|---|---|---|---|
| Gross Salary | |||
| NI ^ | |||
| Tax | |||
| Statutory Bonus# | € 9.86 ** | € 42.71 ** | € 512.52 # |
| NET Salary |
| Employer Payroll Summary (Primary Income) | |||||||
|---|---|---|---|---|---|---|---|
| Employee SSC^ |
Employer SSC^ |
Tax | Maternity^ | Total Due IRD |
Net Salary |
Grand Total |
|
| Yearly | |||||||
| Monthly | |||||||
| Employer Payroll Summary (Primary Income) | |||||||
|---|---|---|---|---|---|---|---|
| Yearly (€) | Monthly (€) | ||||||
| Employee SSC^ | |||||||
| Employer SSC^ | |||||||
| Tax | |||||||
| Maternity^ | |||||||
| Total Due IRD | |||||||
| Net Salary | |||||||
| Grand Total | |||||||
Updated on 22/01/2024
* Monthly average, dependent on month having 4 or 5 weeks
** Not included in net salary calculation for period
^ The yearly NI and maternity fund contributions are calculated using the number of Mondays in the selected year. The weekly and monthly values are purely for informational purposes and are calculated by dividing the yearly NI by 52 weeks and 12 months respectively.
#1 The Statutory Bonus of €135.10 is paid every six months and equates to €0.74 per calendar day including Saturdays and Sundays on a pro-rata basis. Payments are made at the end of June and December and will be included in your payslips.
↻ Includes Tax on Statutory Bonus
#2 The Statutory Weekly Allowance of €121.16 is paid every six months and equates to €4.66 per working week or a proportion thereof. Payments are made at the end of March and September and will be included in your payslips.
Understand how your payroll is set to change in 2024 through updated social security contributions, tax rates, vacation & sick leave, benefits and more.
Check My Salary was developed to calculate the take-home salary (NET salary) of any individual working in Malta and to provide a breakdown of the Tax and National Insurance (SSC).
The calculator can be used by anyone that fits within any category of Class 1 Social security Contributions.
Yes any expected bonuses and allowances are included in an employee’s payslip and are taxable according to the applicable tax rate of the individual.
You can read the Malta Payroll Adjustments & Employee Benefits published by Broadwing Recruitment or check with the Commissioner for Revenue in Malta. Broadwing Employment Agency is also happy to assist you directly or by directing you to relevant contacts who can answer any queries you may have.
If you are working in Malta, you are required to declare all your income, from whatever source and including income of your spouse or dependent children. This must include any income derived from Malta and any other EU and non-EU member states.
A government bonus is a small bonus that is added to your salary by the employer, at a predetermined rate, to help cover the cost of living. It is calculated on a pro rata basis based on the weekly hours worked. This bonus is taxable.
The full statutory bonus is payable every six (6) months.
For more information on Malta’s Government Bonuses click here.
An individual qualifies of the parent tax rate if they have a:
Child up to 18 years of age
or
Child up to 23 years of age who has a combined income of less than €2000/year from stipends and employment.
The tax rate is applied automatically if:
The parents are married
Single Mothers
For a single father to qualify for the Parent Tax Rate, they must request a document from the Courts of Malta and submit a ‘Parent Rate Application Form’ available from the Inland Revenue website.
Malta enables married couples to file a joint tax computation whereby their partners’ incomes are aggregated, and tax on the global income is calculated.
Since the Married Rates use joint computation, we only advise using the married tax rate in the event that one spouse is in employment.
💸 RISE IN AVERAGE SALARY & JOB VACANCIES
✅ During the second quarter of 2024, a 13.7% increase in job vacancies was recorded as the average monthly salary reached €1.942.
→ Total vacancies reached 8.092 during this quarter.
→ Sectors like wholesale, retail trade, and... transportation had the largest share of vacancies at 30.6%.
→ Small enterprises accounted for 45% of all vacancies, while bigger companies, with 250 employees or more, generated 28.2%.
→ Meanwhile, the private sector held 95.3% of all vacancies compared to 4.7% of the public sector.
✅ Salaries ranged from €1.280 in elementary jobs to €3.162 in managerial roles leading up to the average monthly salary of €1.942.
→ The highest wages were found in the financial and insurance sectors.
Read the Article! 👇
https://newsbook.com.mt/en/job-vacancies-rise-by-13-7-as-average-monthly-salary-reaches-e1942/
Are you aware of the unnoticed factors that can impact mental health at work?
By fostering open communication, setting realistic goals, and promoting trust, we can enhance mental well-being for everyone. Let’s prioritise mental health and support each other in building a healthier ...workplace!
💸 WOMEN IN THE ICT SECTOR
✅ A report by the European Commission has revealed that only 13.8% of all information and communication technology (ICT) specialists in Malta are female.
→ In this report, Malta is praised for its progress in connectivity infrastructure.
✅ ...Nevertheless, next to the accentuation of the under-representation of women in the industry, the report also highlights the standstill in the number of ICT specialists.
→ Malta has an ICT specialist share of 4.7%, which is slightly lower than the EU average of 4.8%.
→ There is a noted skills gap, with a ratio of 6 job openings for every qualified local candidate.
✅ A cause may be the mathematical competency within the current younger generation that has been declining over the years.
→ Though the average Maltese basic digital skills competence levels are above the European average at 63%.
→ The European Commission advises Malta to improve the ICT industry and civil society cooperation.
Read the Article! 👇
https://www.maltatoday.com.mt/news/national/130988/malta_digital_gender_gap_just_14_of_it_specialists_are_women
🌸 October is the month of hope and awareness!
This Pink October, let's rally together to educate ourselves and others about breast cancer. 🎗️
Knowledge is our best defense - spread the word, lift each other up and stand united on this journey! 💕
The Malta... Salary & Tax Calculator
www.checkmysalary.mt
#PinkOctober #AwarenessMatters #StrongerTogether #BreastCancerAwareness
💸 REVISED LABOUR MIGRATION POLICY
✅ The government is in the process of updating its labour migration policy after ten years of a population explosion and economic growth.
→ The Home Affairs Minister, Byron Camilleri, said that it will strengthen workers' rights and promote... higher employee retention rates.
→ Camilleri also mentioned that they will take a stand against companies with high turnover rates, as these may indicate potential worker abuse.
✅ The research revealed that a total of 36% of third-country nationals (TCNs) were fired within a year.
→ Meanwhile, 15% had their jobs terminated within just three months.
→ This high turnover among TCNs leads to a higher risk of future abuse and the inability to integrate, while companies suffer from constantly retraining new people.
✅ The new policy has two key elements that highlight training, upskilling, and reskilling Maltese workers, as well as attracting foreign labour with a skills-based approach.
→ The focus ought to be on necessary skills for the Maltese economy, such as nurses and carers.
→ Following this new policy, new work permits for food couriers and cab drivers have been stopped, as the market was overly saturated.
→ The minister believes the current economic climate is more favourable for these reforms compared to a decade ago.
Read the Article! 👇
https://www.maltatoday.com.mt/news/national/131090/government_to_reform_labour_migration_policy_
💸 CONSISTENT MANUAL LABOUR PREJUDICE
✅ A prejudice on the ideal education for the younger generation has been ingrained in our society.
→ Although a university degree is perceived to be essential for a well-paying job, it is a common misconception.
→ Private education is ...preferred by many parents, though it may be expensive, and students often arrive unprepared for the labour market.
✅ The CGIA, Italy's small tradesmen enterprise association, discovered that there were more lawyers than plumbers in the country.
→ Additionally, the number of small tradesmen enterprises shrank by around 400.000 between 2012 and 2023.
→ The CGIA is worried that the number of tradesmen like plumbers, carpenters, and electricians will not suffice in a few years.
→ Malta does not seem concerned and continues to import tradesmen from developing countries, as the prejudice against manual labour prevails.
✅ Trade schools provide students with apprenticeship schemes from several different industries.
→ The earlier interested young people are enrolled in technical and practical training, the more successfully they will complete their education.
→ Therefore, trade schools offer secondary and post-secondary education, and trade careers can offer stability and high wages.
✅ Education authorities ought to consider a revitalisation of trade schools.
→ MCAST has been offering manual career paths to fallen behind or interested students in the last two decades, but more needs to be done.
→ The younger generation should be prepared for careers that can help them achieve satisfying and well-paid jobs.
Read the Article! 👇
https://timesofmalta.com/article/more-lawyers-plumbers.1097797
💸 UNEMPLOYMENT RISES BY 25.5% IN JULY
✅ In July 2024, registered unemployment increased by 25.5% year on year.
→ A total of 1.121 are now registered for work, an increase of 228 people compared to July 2023.
→ Despite the significant increase, the previous unemployment ...rate of 3.1% in June 2024 should be considered.
→ This percentage features unemployment growth across all age groups.
✅ The short-term unemployment category of 21 weeks or less increased by 33.8%, making it the largest expansion across all categories compared to July 2023.
→ The increase of the category of 21 to 52 weeks expanded with 47 people in comparison to July 2023.
→ Long-term unemployment rose by only seven people compared to last year.
✅ Around 69% of all job seekers are male, while 31% are female.
→ Jobseekers who have disabilities have a greater gender imbalance, with almost 75% being male.
→ The number of job seekers with disabilities increased from four to 230 people in July 2024.
✅ Malta's labour market is navigating post-pandemic economic changes leading to fluctuations in key sectors and leaving many workers seeking new opportunities.
→ The most sought-out positions are clerical support roles, as 23% of male and 39% of female jobseekers target these roles.
→ To ensure sustainable growth, reskilling, upskilling, and expanding opportunities will be critical.
Read the Article! 👇
https://businessnow.mt/maltas-registered-unemployment-jumps-by-25-5-year-on-year/
💸 EMPOWERING START-UPS WITH GOVERNMENT SUPPORT
✅ The government will continue to offer incentives through the Malta Enterprise to create quality careers by investing in innovative start-ups.
→ The Prime Minister has mentioned that he prefers quality over quantity to enhance the ...added value of the Maltese economy.
→ He also emphasised the importance of supporting young people and families in this initiative.
✅ Companies like Scope Solutions and Dedaub are examples of successful start-ups in Malta.
→ These companies are expanding internationally, highlighting the potential for start-up growth.
→ They have benefitted from government support schemes like Micro Invest, Strengthening Market Entry, and Investment Aid Tax Credits.
✅ Upcoming events like the Start-up Festival and Techxpo will showcase innovative projects and provide networking opportunities.
→ The event will feature start-ups and include practical workshops.
→ There will be opportunities for innovative ideas to become reality with potential investors.
Read the Article! 👇
https://www.independent.com.mt/articles/2024-08-29/local-news/Government-provides-incentives-for-creating-quality-careers-in-innovative-start-ups-6736263793
💸 LOW-INCOME FAMILIES MINIMUM BUDGET SET AT €19.153
✅ A study conducted by Caritas Malta stated that the minimum essential budget for a decent living for a low-income family of four is €19.153 per year.
→ The study aims to provide a 'comprehensive, realistic, and humane... perspective for what constitutes a decent standard of living for low-income households in Malta'.
→ The budget basket consists of items such as food, clothing, education, and more.
→ The items included in the budget basket were selected with sustainability principles in mind, with an emphasis on what people ought to consume rather than what they now consume.
✅ Three types of low-income households were researched to conclude their budget calculation.
→ A family of two adults and two children was found to require a minimum budget of €19.153.
→ A single parent with two children was found to need a minimum budget of €17.012.
→ An elderly couple aged 65 and older was found to require a minimum budget of €14.731.
→ The study assumes good health, use of national healthcare, and eligibility for social services.
→ An augmented budget that considers additional costs (dining out, car ownership, commercial rent) is significantly higher.
✅ Only five out of the eleven average cases met this budget calculation.
→ Two out of three families consisting of two adults and two children did not meet the budget, while one exceeded it.
→ Two single parents fell short of the budget by at least €1.000.
✅ Caritas Malta suggested several recommendations, including raising the poverty benchmark, promoting digital inclusion, and improving access to healthy food.
→ The ministry has mentioned that several measures have already been taken, but additional recommendations by Caritas Malta will be considered.
Read the Article! 👇
https://www.independent.com.mt/articles/2024-08-28/local-news/19-153-declared-as-minimum-essential-budget-for-low-income-families-of-four-Caritas-study-6736263775
