Pension Fund

Withdrawal of retirement savings approved to fund Hajj pilgrimage

The withdrawal limit was raised to cover 80 percent of the pilgrimage’s cost.

Majlis approves use of pension fund to buy homes

The People’s Majlis voted unanimously Tuesday to amend the Pension Act to allow members of the Maldives Retirement Pension Scheme to collateralise their savings to make down-payments under state-run home ownership or social housing programmes.

Deputy minister accused of embezzling millions from pension fund

Deputy Home Minister Ahmed Adeem is under investigation by the police over the alleged embezzlement of MVR2 million (US$129,700) from the state’s pension fund. The embezzlement was discovered during an internal audit. Adeem had worked at the Maldives Pension Administration Office from 2010 to 2014.

Pension fund collects MVR3.5bn in six years

Amendment overturns mandatory enrolment of foreigners in pension scheme passed

Government seeking “longer-term” finance to plug revenue shortfall as 2013 sales of T-bills double