Check My Salary - Malta Salary Calculator Notice Period Calculator

The Malta Salary & Tax Calculator

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

Download the 2024 Payroll Infographic

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.

The 2024 Malta Payroll Adjustment Breakdown

Understand how your payroll is set to change in 2024 through updated social security contributions, tax rates, vacation & sick leave, benefits and more.

Malta Income Tax, Social Security and Payroll Adjustments Factsheet Infographic

Frequently Asked Questions

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.

💸 FINANCEMALTA IMPROVING THE FINANCE SECTOR

✅ The financial services sector has experienced significant growth in recent years, becoming a major contributor to Malta's economy.
→ MFSA's annual report for 2022 revealed that the financial industry contributed €1.178 ...billion in gross value to the economy, a 4.3% increase from 2021.
→ The sector's demand for human resources grew significantly, with over 17.000 employees in 2022, making it a 26% increase from the previous year.

✅ FinanceMalta spearheads this growth, as the public-private initiative is tasked with promoting Malta as an international finance centre.
→ Graziella Grech, chief operations officer at FinanceMalta, emphasises that the sector has significantly grown due to favourable regulations, a skilled workforce and the strategic geographical location of Malta.
→ The financial services sector also supports other industries by providing capital and financial services, enhancing overall economic success.

✅ FinanceMalta collaborates with the Malta Financial Services Authority (MFSA) and the Malta Financial Services Advisory Council (MFSAC) to improve Malta's regulatory framework.
→ Together they bolster the financial services ecosystem by sharing knowledge and promoting positive communication among industry stakeholders.
→ Grech emphasised that strategic investments in human resources are also crucial for the sustainable growth and resilience of the sector, with other critical areas being data analysis and cybersecurity skills.

✅ After Malta was greylisted in 2021 for inadequate action against financial crime, the country greatly increased its efforts by tightening regulations and enforcing new measures.
→ The Financial Action Task Force (FATF) and the European Banking Authority (EBA) have acknowledged Malta's improvement, with the country now being removed from the list.
→ With Malta's international reputation increased, the next significant development will be the introduction of the Digital Operational Resilience Act (DORA), starting in January 2025.

✅ The implementation of DORA, aimed at enhancing digital operational processes within financial institutions, mandates adherence to EU standards and entails substantial investments in cybersecurity measures.

Read the Article! 👇
https://timesofmalta.com/article/a-sustainable-financial-services-sector.1092618

💸 €10 MILLION ALLOCATED TO SCHEME FOR TRAINING WORKERS

✅ The Ministry of Home Affairs, Security, and Employment has revealed a €10 million financial aid package for companies to invest in training.
→ The allocation is taking place through the 'Investing in Skills' ...scheme.
→ The scheme is operated by Jobsplus and partially financed by European funds.
→ The Ministry indicated that the plan aims to enhance the skills of the existing workforce and foster the development of new skills that better fit the needs of today's labour market.

✅ The Ministry reported that over €7.6 million was invested in training under the previous scheme, benefiting 1.200 enterprises of various sizes.
→ More than 22.000 workers were trained, collectively engaging in over 45.000 training programs.
→ Minister Byron Camilleri stated the scheme benefits both employees and employers.
→ He added that government policy encourages employers to invest in better work quality, as they best understand workers' skill needs.

✅ The Chief Executive of Jobsplus Leonid McKay explained that the scheme meets the needs of local enterprises to receive assistance in training their employees.
→ He emphasised the scheme's success due to training employees as they work, therefore investing in their skills and improving productivity and overall employment quality.
→ The scheme includes wages, training fees, and administrative costs for workers in training, with subsidies linked to average salary rates rather than the national minimum wage.
→ The aid is tailored to enterprise size: large companies receive 50%, median ones 60%, and small ones 70%.

✅ As Malta's economic and employment growth has been among the highest in the EU, this scheme encourages internal training to tackle issues such as shortage of specialised workers.

Read the Article! 👇
https://www.independent.com.mt/articles/2024-05-17/local-news/10-million-to-be-allocated-towards-scheme-for-training-workers-6736261181

💸 ADDRESSING THE SKILLS GAP IN THE JOB MARKET

✅ Malta's employment landscape has shifted significantly in recent years, moving from labour-intensive activities towards an economy driven by technological advancements and a globalised business environment.
→ The transition ...has redefined the skills which are now needed in the contemporary job market.
→ Joanne Bondin, president of MEA, has emphasised that companies are looking for employees knowledged in tech, online marketing, and finance management.
→ The pandemic contributed to remote work and flexible setups, influencing businesses to use digital tools, which contributed to employers seeking people with specialised skills in the market.

✅ Workers must keep learning new skills to remain employable in today's fast-paced and competitive job market.
→ Employees have access to many education and training programmes that provide them with the skills needed.
→ The MEA President highlights that these efforts are aimed at keeping the job market in Malta strong and adaptable to all the changes happening.
→ Investing in skills is also taking place on an EU level, with the European Social Fund Plus investing €99 billion in people during 2021-2027.

✅ The Managing Director of Focal Maritime understands the shortfall in coverage of specialised skills demanded nowadays.
→ Godwin Xerri recognises that the gap has emerged due to advanced technologies, requiring specific technical skills that are absent in traditional school curricula.
→ The Managing Director recognises the bright side in this situation, explaining that when industry-specific knowledge is not there, employers should look at skills such as flexibility, drive and desire to learn.
→ He also finds that the younger generation might steer away from certain jobs because they are not 'marketed' enough, such as sectors like maritime, transport and logistics.

✅ Collaboration between career development offices, educational institutions and industry partners is needed to align educational offerings with the job market's demands.
→ A Senior Lecturer at the University of Malta explains that efforts are already underway.
→ Universities today are urged to produce employable graduates, and they are focusing on sharpening human skills, such as empathy and elevated flexibility.
→ In recent years, the University has invested in courses and specialisations to produce qualified professionals by offering expertise in fields like ICT, nursing and health care.

Read the Article! 👇
https://timesofmalta.com/article/academia-industry-work-together-addressing-skills-gap-experts-say.1092169

A Treasure beyond Measure. 🌟

Celebrating all the superhero moms 👩‍👧‍👦 out there, balancing work 💼 and family with grace.

Thank you for the pay-less job you do! Happy Mother's Day!

The Malta Salary & Tax Calculator
www.checkmysalary.mt
...
#ThankYouMom #WorkLifeBalance #HappyMothersDay

Alan offers guidance, industry insights, and support for the transition to the digital economy, making him a valuable resource in the online services domain.

💸 MEA ADVOCATES FOR FOREIGN WORKERS IN THE LOGISTICS INDUSTRY

✅ Malta’s Employers’ Association (MEA) published a report addressing HR challenges for foreign workers in the logistics industry.
→ Joseph Farrugia, MEA’s Director General, stressed the growing dependence on ...foreigners within the Maltese Logistics industry across Malta.
→ Identitá CEO Steve Agius spoke about the need to shift the current Maltese approach of “one-size fits all” to start focusing more on individual industries.
→ Kevin Farrugia, Director General of the Foundation for Transport, highlighted the report's mission to serve Malta in the medium-long term with the need to keep standards across the logistics industry.

✅ Statistics from the report revealed a 16% increase in foreign workers in the past 10 years.
→ The logistics sector, which predominantly consists of micro and small businesses, represents nearly 4% of total registered business units and employs 8185 individuals.
→ In 2021, foreign workers accounted for 18.7% of employees, half of which were EU nationals.
→ Back in 2010, only 2.9% of all employees were foreign workers.

✅ Recommendations outlined in the MEA Report reveal a plan to support the logistics enterprises and the economic future of Malta.
→ One recommendation was a strategy to transform Malta’s output with higher value and an increasingly productive labour force whilst maintaining sustainable methods.
→ A creation of an 'expert task force' was emphasised to forecast demographic trends, including population size, birth rates, and migration flows.
→ Another recommendation for the logistics sector was to embrace a “pilot-analysis approach” to attain economies of scale in operations and HR planning.

✅ Broadwing Recruitment is actively engaged in addressing HR challenges, forming part of the Malta Employers' Association initiative.

Read the Article! 👇
https://www.independent.com.mt/articles/2024-04-30/local-news/MEA-stresses-need-for-nationwide-strategy-to-support-foreign-workers-in-logistics-industry-6736260679

💸 PLANNING FOR RETIREMENT SAVINGS POT

✅ Josef Camilleri emphasises that the well-being of people in retirement depends on how well they are prepared for it.
→ Camilleri, the current head of products and distribution at HSBC Life Assurance (Malta) Ltd., points out that the ...current state pension in Malta might not sustain one's present-day lifestyle.
→ Achieving goals of financial security is more likely to be met if one starts saving early for retirement.
→ Age is a significant factor in crafting an investment strategy, as having more time until retirement allows for a greater capacity to take on risk.

✅ Unit-linked, long-term insurance contracts offer an effective way to save for retirement.
→ These contracts allow for converting monthly payments into units at a specified price, ensuring a constant number of units purchased despite fluctuations in price and value.
→ In general, these policies use a dual pricing system, purchasing units at the 'offer' price and selling them at the 'bid' price, which is often at a lower rate.
→ Upon retirement, the units are sold at the current bid price, allowing regular withdrawals with an option for a lump sum.

✅ Individuals saving for retirement in Malta can benefit from a tax credit of up to €750 yearly.
→ A tax-exempt lump sum of 30% of the policy value can be withdrawn at retirement, which is meant to encourage more people to save for their future.
→ It's important to understand that policies may feature bid or offer charges, annual management fees, or policy fees and allocation rates, which can vary depending on the provider.
→ Some providers opt for positive allocation rates, therefore boosting investments by increasing the amount that goes directly into one's retirement savings.

✅ There are risks associated with investing in unit-linked contracts due to market fluctuations.
→ Completing a risk profile assessment helps individuals understand their comfort level with risk and their capability to handle any potential losses.
→ Hiring a financial adviser can further assist in choosing suitable investments which also align with one's financial goals.
→ However, historical data suggests that markets tend to outperform the traditional savings methods in the long run.

Read the Article! 👇
https://timesofmalta.com/article/from-contributions-units-building-retirement-pot.1090115

💸 SUCCESSFUL PARTNERSHIPS BEHIND IGAMING IN MALTA

✅ Partnerships in the iGaming sector are crucial for increasing brand awareness and market presence.
→ Malta has emerged as a hotspot for growth and innovation in the iGaming industry.
→ This is due to the country's ...favourable legislation and a blooming entrepreneurial environment.
→ The partnerships go beyond sharing resources, as they extend to teaming up online or at events to access new markets and unlock the latest technologies.
→ Consequently, this leads to greater brand recognition among consumers.

✅ The Malta Gaming Authority (MGA) has a significant role in regulating the sector.
→ The island's clear regulatory framework is instrumental in attracting international partnerships.
→ The iGaming sector contributes approximately 12% to Malta's GDP.
→ A report by iGaming Business emphasises that partnerships between software providers and gaming operators can enhance brand visibility up to 30%.
→ In addition, collaborative marketing and sponsorships contribute to boosting brand awareness beyond what could be achieved individually.

✅ Partnerships between online casinos, affiliate sites and gaming providers have proven to be especially impactful.
→ Besides having improved the gaming experience and attracting a larger audience, the partnerships also help build a good reputation and increase reliability.
→ For instance, the collaboration between QuiGioco and Kensho Media represents a partnership which ensures brand visibility and proper standards of compliance and security.

✅ Malta is a prime example that the partnerships in iGaming strengthen the market position and foster sustainable growth of brands.

Read the Article! 👇
https://www.maltatoday.com.mt/business/tech/128131/malta_and_igaming_the_successful_ecosystem_based_on_partnerships

💸 INFLATION WIPES OUT SALARY RISES

✅ Over the past two years, wage increases failed to offset rapid inflation.
→ The report by KPMG highlighted that wages in Malta increased just 1.5% in the last year, which was the lowest rise in the EU.
→ Consequently, real wages have ...remained essentially unchanged since 2018.
→ The purchasing power of employees in 2023 is expected to come out negative due to the inflation jump of 5.7%
→ Although wages saw an increase from €18.967 in 2018 to €22.032 last year, the surge in prices nullified the growth, leaving the real income almost constant at €18.359.

✅ The labour market is facing various challenges.
→ KPMG's report revealed an anticipated increase in unemployment over the next two years, possibly reaching 2.9%.
→ Reasons contributing to the challenges include skill shortages and worker scarcities.
→ Businesses are facing difficulties in retaining existing staff and filling vacant positions.
→ Last September witnessed a higher number of job terminations than hires.

✅ Foreign workers are leaving their jobs in Malta within a year.
→ Despite their significance to the country's economy, KPMG highlights certain difficulties the workers pose.
→ One of the issues stems from the short stays, as a quarter of these workers leave within one year.
→ This situation could deter employers from investing in the workers' training, thereby compromising workforce quality.

Read the Article! 👇
https://timesofmalta.com/article/salary-increases-entirely-eaten-inflation-report.1089491