Maldives Pension Fund Aims to Double to MVR 60 Billion Within Five Years: CEO

The Maldives Pension Office has set an ambitious target to double the Pension Fund from MVR 30 billion to MVR 60 billion within the next five years, according to CEO Mohamed Yazmeed. Speaking to PSM News after a 'Three Gen' awareness workshop in Hanimaadhoo, Haa Dhaalu Atoll, Yazmeed said the fund has grown to MVR 30 billion over the past 17 years. He expressed confidence that new investment opportunities will allow the fund to double in the coming years. 'My vision is, besides the investment opportunities that exist, we also seek investment opportunities ourselves. Over the past 17 years the fund has reached MVR 30 billion. God willing, we will double this amount within the next five years. I am very confident this can be done. We have plans. We can achieve that target,' Yazmeed said. The Pension Office also plans to recover more than MVR 90 million in unpaid pension contributions that have accumulated. Yazmeed stated that recovery efforts will be intensified within one year. Under the Maldives Pension Act, all employees and employers are required to contribute a minimum of 7% of the basic salary each month to the Retirement Pension Scheme.