Following the passing of the second amendment to the pension act at the parliament yesterday, the Maldives Pension Administration Office (MPAO) has said that foreign employee participation in the pension scheme is now voluntary.
In a statement issued yesterday, the office said that employers are now permitted to delay the foreign employee pension contribution for the month of May.
Quoting Ismail Sujau, a director at MPAO, Sun Online has reported that the office has decided not to collect from those who are registered with the scheme this month as a lot of people have already started withdrawing from the scheme after it was made voluntary.
As of April, a total 3854 foreign employees have registered with the retirement pension scheme, reported Sun.
(0)Dislikes
(0)Related Posts
15 journalists receive death threats over gang reporting - Legal restrictions a challenge to investment expansion: Pension Office
- MMA governor calls for courageous cuts at third Maldives Finance Forum
- Maldives “ideally placed” to be international financial centre, says CMDA chief
- Pensions office performs U-turn on benefit increase
- Government pension plans reliant on MVR1 billion investment return
