Pension fund hit total MVR1.18b in 2019

Maldives Retirement Pension Scheme (MRPS) had a total depository of MVR1.184 billion as of 2019, says Maldives Pension Administration Office (MPAO).

According to MPAO, a total of MVR91 million were issued from the fund in the previous year.

As per the authority’s annual report for the year ended, a total of 100,225 pensioners were registered under the scheme by end of 2019. Out of the total, 42,650 were government sector employees and 57,575 were private sector employees.

Moreover, MPAO claimed the total depository was an 8% increase from the total in 2018.

As for depository composition, 61% of depositories were made through private sector companies and remaining 39% from public sector.

Meanwhile total pension issuance for 2019 was MVR91 million while in 2018 it was at MVR58.5 million.