13% of over-50s receiving pension

The National Statistics Office said that through its 2012 Labour Force Survey it had monitored employed persons and their transition from work into retirement, in a project co-finance by Eurostat.

Findings indicate that of the total population in this age bracket, 38 per cent, or 43,264 persons, received a pension. When information is broken down by broad age group, one notes that the receipt of pensions increases with age. In this regard, 22 per cent of persons aged 50-59, 65% of persons aged 60-64, and 73% of persons aged 65-69 were pension beneficiaries.

Of all employed persons (between 50-69 years old), only 13 per cent received a pension, against 86 per cent who were inactive.

The mean age at which persons started receiving a pension was 57. Of all pension beneficiaries aged between 50 and 69, 40 per cent stated they had retired before reaching retirement age. On the other hand, 31 per cent of the target population stated they wished to stay longer in employment.

Previous employment for pension beneficiaries in the 50-69 age bracket was mainly in industry (35 per cent). This sector includes manufacturing and construction. As to occupations, skilled manual jobs (including carpenters, farmers and drivers) were predominant among male beneficiaries in the target group (37 per cent), while low-skilled non-manual jobs (including clerks and salespersons) were more prevalent among female workers (46 per cent).

In terms of entitlement, the majority, or 91 per cent, of men who did not receive any form of statutory old-age pension at the time of the survey, perceived that they were entitled to such a pension. This figure for women was 24 per cent.