President Nasheed has today ratified the bill on Pension, which was passed by the People’s Majlis in its 26th sitting held on 29 April 2009. Following ratification, the Act has been published in the Government Gazette.
Pension Act stipulates how a retirement pension scheme contributed by both employers and employees, and other pension schemes supported by the Government budget would be operated.
According to the Act, the ‘Maldives Pension Administration Office’ is created when the Act came into effect today.
Duties of the Pension Office include operating and regulating the pension schemes created under the Act, and providing retirement pension and basic pension for senior citizens. The Office is also tasked with creating awareness about the pension schemes created under Pension Act and the overall enforcement of the Act.