Due Date:4th August 2016
This essay competition is aimed for tertiary level Maldivian students who are studying at various Institutions locally and abroad. The aim of this competition is to create an opportunity for the tertiary level students to give their ideas about the benefits of changing the pension system in Maldives. The competition will also raise awareness about different pension schemes run in Maldives and the impact of those system on the government expenditure.
Slowing economic growth and population aging in the developing countries have placed increased financial strain on public pension systems, especially due to those programs promising guaranteed benefits at retirement. Governments have been forced to increase funding and scale back benefit promises in order to maintain the solvency of their pension programs. Continuing financial pressure in these systems has also stimulated interest in fundamentally reforming their design. In this regard, Maldives has undergone major pension reform in the year 2009 with the introduction of Pension Act.
Despite of the pension reform initiative through the introduction of Pension Act, impediments still exist in realizing the reform objectives; sustainable pension financing, coverage and adequacy of pensions.
Topic :Impact of public pension systems and Pension reforms
Write an essay examining the history of pension reform in Maldives and critically evaluating the reforms envisaged by introducing the Pension Act. Discuss in the light of literature why the changes are brought and explain benefits of the changes brought to the pension system of Maldives.
1. Your essay should be between 2500-3000 words.
2. Your essay must include a brief introduction outlining research methodology and key observations and conclusions.
3. The essay will be evaluated on the basis of the accuracy of the information and the credibility and creativity of the task.
4. Type your essay using “Times New Roman”, font size 12 with 1.5 line spacing on A4 size paper.
5. Any reference to third party literature must be clearly referenced using Harvard referencing style (both in-text citation and reference list). Plagiarism in any form is prohibited. Plagiarized materials will not be accepted
Prizes will be awarded for the 1st, 2nd and 3rd Place.
· 1st place - cash price of Rf 10000
· 2nd place - cash price of Rf 6000
· 3rd place - cash price of, Rf 4000
All entries will be reviewed by a panel of judges selected by Maldives Pension Administration Office. The essays will be evaluated on the basis of the accuracy of the information and the credibility and creativity of the task.
1. Each participant can submit only ONE Essay.
2. Entries must be the participant’s own work, written on the topic. Please do not use copyrighted material without acknowledgement. Essays with inappropriate language or subject matter will not be accepted.
3. A completed entry form, signed by the participant must be attached with the essay. Entry form will be available from Pension Office website.
4. Staff and Children of the staff of Maldives Pension Administration Office are not eligible to participate in this essay competition.
5. All Participants shall agree that Maldives Pension Administration Office be granted exclusive reproduction rights for advertising, promotion, website, and print publication purposes for their submissions.
6. All entries must be submitted to Maldives Pension Administration Office before 21st July 2016.