Maldives Pension Administration Office (MPAO) has revealed that the Pension Fund received USD40 million in return on investment in 2021.
In the annual report for 2021, MPAO stated the amount is an 11.6% increase compared to the USD36 million in return on investment received in 2020. MPAO stated that the assets of the pension fund have grown to USD1 billion and over 113,721 individuals have contributed to the fund. In 2021, pension contributions exceeded USD80 million and pension benefits of over USD8 million were disbursed to beneficiaries. MPAO stated that its mobile application has been installed over 71,100 nationwide and offers all the services provided by the institution.
MPAO was formed under the Maldives Pension Act, which was ratified in 2009 as an independent legal entity. The Maldives Retirement Pension Scheme (MRPS) was mandated on all state offices in 2010 whereas the private sector adopted the scheme in 2011. MRPS was the successful outcome of the Maldives Retirement Pension Administration Project carried out with assistance from the World Bank. All financial assistance was rendered by the state merged under one name and the MPAO began managing pension collection and disbursements.
As per the Maldives Pension Act, Maldivians who have reached 65 years of age will be generally eligible for pension benefits, although people who have reached the age of 55 will also be eligible for early pension benefits if the balance in their account is enough to provide a lifetime monthly payment that is at least twice the amount of general retirement pension amount.