• January 17, 2022

 Sparkasse Bank Malta Recap

The Sparkasse Bank Malta has always been committed to developing innovative and effective products that provide greater flexibility, convenience, and simplicity. [Henceforth, we shall refer to these as SBMs].

SBMs include:

  • Leave Payment (currently in force) – employees can receive their monthly salaries either every week or at the end of each month, in which case they are entitled to one free day.
  • Payment on account (proposed) – this SBM will allow employees to receive their monthly salaries either at a fixed date of every month or after a minimum number of days, by having direct deductions made from their salary account paid every week.

Additionally, a pilot study to test the feasibility of an SBM called Homepay was undertaken by Sparkasse Malta through their health insurance company. This product allows employees to pay for certain household items such as electricity and gas bills directly from their payroll account whenever they require it.

The SBMs mentioned above were designed to give more flexibility to employees themselves, allowing them more time for other activities while still being able to receive their salaries regularly.

Due to the small number of applications for this product, Sparkasse Malta has not rolled it out nationally. Still, it is constantly monitoring the feedback given by its customers to decide whether or not it should be implemented.

It is important to note that the SBMs are not compulsory for all employees but rather something that can be subscribed to by those who feel this would suit their needs better. Employees are still entitled to receive their salaries weekly or monthly as before should they wish.

Read more about Sparkasse Bank Malta