MVR 100 million in unpaid pension contributions to be recovered within a year

Pension Office CEO Yazmeed Mohamed has said that around MVR 100 million remains unpaid by those registered to make pension contributions, and that efforts will be made to recover the money over the next year.

Speaking yesterday at the launch ceremony for the Pension Office’s “Three Generation Walk” (3Gen Walk) in Haa Dhaalu Hanimaadhoo, Yazmeed said the pension fund had accumulated MVR 30 billion over the office’s 17 years of operation.

However, he said the Pension Office’s management framework had been structured to work proactively towards doubling that amount to MVR 60 billion over the next five years, seeking additional investment opportunities and expanding the pension fund to provide sustainable returns to its members.

Yazmeed added that some of those required to participate in the retirement pension scheme had not joined, and that work was under way to bring them into the pension system.