Maldives Pension Administration Office has revealed over USD 8 million was issued as pension during January 2022.
As per the statistics of the Pension Office, USD 8.3 million was disbursed as pension to 28,708 eligible individuals during the first month of the year. This includes USD 6 million issued as basic pension to 19,823 individuals, and USD 1.3 million issued as state retirement pension to 4,254 individuals. Another USD 517,000 was disbursed as general retirement pension to 1,637 individuals, while USD 323,000 was disbursed as other retirement pension to 2,994 individuals.
The Pension Office was established as an independent legal entity under the Maldives Pension Act, which was ratified in 2009. The Pension Act mandates Pension Office to carry out the administration and management of pension schemes, provide retirement pensions and the old-age basic pensions. Pension Office is also tasked with formulating regulations, standards and guidelines to operate schemes established under the Pension Act, and conducting awareness programmes for such schemes.