The Maldives Retirement Pension Plan creates your own retirement savings account to fund your retirement. Both you and your employer fund the account by making equal contributions of seven percent of your pay.
The money in your retirement savings account is invested to grow your money. At retirement, the amount of your monthly pension benefit is mainly determined by the amount of money you have saved in your retirement savings account.
The more money you save during your working years, the more money you will receive as a pension benefit.
The Maldives Pension Administration Office is responsible for investing the money in your retirement savings account and for selecting professional investment managers who are regulated by the Capital Market Development Authority.
Government workers will be required to contribute to the Retirement Pension Plan in May 2010, followed by all private sector employers and employees no later than May 2011. Self-employed persons will have the option to contribute to the plan if they wish.
Copyright © 2010 Maldives Pension Administration Office
Ameenee Magu, Machan Goalhi 30379, Rep. of Maldives
Tel: +960 3309908 | Fax: +960 3307759 | Email: firstname.lastname@example.org