Development

MPAO amends foreign worker pension fund regulations

Pension benefits of foreign employees will be disbursed only after they attain pensionable age, starting this July, Pension Administration Office says. This follows an amendment to the Regulation on Participation and Disbursement of Pension Benefits to Foreign Employees under the Maldives Retirement Pension Scheme.

Under the Second Amendment to the Pension Act made in April 2014, foreign employee participation in the Retirement Pension Scheme is voluntary. There are over 300 foreign employees registered in the pension scheme.

Director - Stakeholder Relations at MPAO Ismail Shujau told PSM News that foreign employees registered before 2015, who wishes to deregister from the pension scheme will still be allowed to collect their savings when they leave the country.

A large percentage of foreign employees registered in the pension scheme work for the Government and state-institutions. It is the biggest such savings fund in the country, currently totaling MVR 5.1 billion, with over 82,000 registered contributors.