MPAO pension fund size increases to MVR12.2b


Image Source: Aishath Razan/MBR

The chief executive officer of Maldives Pension Administration Office (MPAO) Mr Mohamed Hussain Manik noted that the pension fund size has increased by MVR12.2 billion as of 2019.

Speaking at the Maldives Finance Forum 2019, on Monday Mr Manik noted that while the fund size has reached to MVR12.2 billion, the contributions to pension fund has reached MVR6.9 billion.

According to pension office’s CEO Mr Manik the pension payout under Maldives Retirement Pension Scheme (MRPS) a total of MVR58 million has been issued for pensioners since the office’s inception in 2009. In addition to this, pension office had issued a total of MVR1.3 billion so far for other pension schemes.

During the presentation at the Finance Forum, Mr Manik noted that a total of 2,700 pensioners were getting their monthly pensions under MRPS while over 16,000 individuals have received pensions in other forms.

The other pension schemes include housing scheme funds for which a total of 130 participants have been issued funds so far.

The Maldives Pension Administration Office will be celebrating its 10th anniversary this year.