Maldives Pension Office has revealed over USD 5.8 million was disbursed under the Maldives Retirement Pension Scheme (MRPS) during 2019.
The annual report of the Pension Office states USD 5.89 million was disbursed in 2019 under the retirement pension scheme. The report states an average of 1,328 individuals received MRPS benefits per month.
MRPS is a contributory Pension Scheme introduced under the Pension Act of the Maldives. The primary objective of this scheme is to ensure that individuals save during employment to cater for their livelihood in retirement. Presently, the Pension Act mandates a monthly contribution of 14% of the pensionable wage of the employee and allows voluntary contributions. Contributions collected are invested to increase its value and maximise savings for retirement.
Funds deposited under MRPS during 2019 amounts to over USD 76.5 million, including USD 46.6 million from the private sector. There were 100,225 individuals registered under MRPS at the end of 2019, along with 2,164 employers.