Pension Office reveals details of benefits

CEO of the Pension Office Mohamed Hussain Manik has told the media that the Retirement Pension Scheme holds more than Rf1 billion, with Rf50 million received each month from 7,100 contributors.

He discussed the nature of the funds investments, saying that the Pension Act’s stipulations allow only for investment in companies listed on the Capital Market Development Authority (CMDA).

“We can’t invest in anything risky; we have to make safe investments. So we can’t invest in just anything,” said Manik. The fund has invested Rf100 million in Dhiraagu shares.

Foreign nationals are now also eligible to take part in the pension scheme if they register before April 2014 and will be able to draw on their pension after reaching 65 years old, even if they reside abroad.

From January the amount received for those over 65 is Rf 2,300. 15,176 people currently receive this sum each month.