Maldives Pension Office has disclosed investments from the Pension Fund has yielded USD 274.6 million.
Speaking at the press conference held at the National Emergency Operation Centre (NEOC), acting CEO of the Pension Office Fathimath Sujatha Haleem said the amount is the total earnings for the office between 2009 and 2019. The investments from the Pension Fund include treasury bills, treasury bonds, equities, bank deposits and Sukuk.
Speaking at the press conference, Sujatha said 19% of the registered accounts with the office have less than USD 648 and only 2% has more than USD 29,000 in their accounts.
The Pension Office was formed under the Maldives Pension Act which was ratified on May 13, 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 Maldives Retirement Pension Administration Project carried with the assistance from the World Bank. All financial assistances were rendered by the state merged under one name and the Pension Office 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.