Tag: pension

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.

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All resorts subscribed to pension scheme

The Maldives Pension Administration Office has subscribed every resort in the Maldives to the government’s new pension scheme with the recent inclusion of Lily Beach Resort and Island Hideaway at Dhonakulhi, reports Haveeru.

Employers will be obligated to allocate pensions for privately employed local workers from May, and will face fines for non-compliance.

“We are now calling noteworthy companies out of those that haven’t participated in the scheme. There are also some companies that have registered but not enlisted employees in the scheme,” Haveeru reported Pension Office Director Ismail Shujau as saying.

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Expatriate enrollment in pension scheme to be delayed three years

President Nasheed has ratified an amendment to the Pension Act delaying the bill’s applicability to expatriate workers by three years.

The original pension act required expatriate workers to be enrolled in the Maldives Retirement Pension Scheme within 12 months.

The pension act has now been published in the government’s gazette.

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