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Pension office amends expatriate workers’ pension schemes

Expat workers

Foreign workers at an MTCC boatyard. MIHAARU PHOTO / HUSSEN WAHEED

The expatriates’ pension schemes have been amended so that they can withdraw the amounts in their pension funds when they leave the Maldives.

The new regulation by the Pension Administration Office states that if an employee leaves the country before retirement age, they will be granted the money in their retirement savings account. This excludes the money in the recruit pension registry.

The employee must submit the form requesting for the pension money three months prior to leaving the country. The new regulation also states that the payment must be processed within 45-days after submitting the form.

Approximately 6699 expatriates have taken part in the pension scheme so far.

Full details are available at the link below:

Source URL: Mihaaru-News

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