Maldives Pension Administration Office has revealed that more than USD9 million was issued as pension during December 2022.
As per the statistics of the Pension Office, USD9 million was disbursed as pension to 29,542 eligible individuals during December this year. This includes over USD 6 million issued as basic pension to 20,594 individuals and USD520,000 issued as state retirement pension to 1,646 individuals. Another USD2 million was disbursed as work retirement from pension to 4,495 individuals, while USD325,000 was disbursed as other retirement pensions to 2,807 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, and provide retirement pensions and 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.