Pension Disbursement for the Month of May 2021 Exceeds MVR 124 Million

Pension Office has been overlooking the pension schemes and its administration in the Maldives since inception in 2009. As per the statistics, the pension disbursement of May 2021 exceeds a sum of MVR 124 million. Funds for pensions and allowances are managed under the budget of the government, except for the retirement pension.  
 
The Maldives Retirement Pension Scheme is a right of every local employee, contributing 14% of their pensionable wage to be invested as a savings for retirement. 1465 pensioners withdrew a sum of MVR 7 million in the past month. Additionally, over MVR 20 million was spent on 4135 pensioners as allowance for retirees from government positions.  
 
Stats further state that 19072 pensioners received the basic pension allowance, which tallied at MVR 90 million. Basic Pension is a lifetime pension benefit paid to all Maldivian citizens who reside in the Maldives and has reached 65 years of age. Additionally, over MVR 5 million went to 3115 pensioners as allowances under other government retirement schemes.