Maldives Pension Office targets MVR 60 billion fund within 5 years
Yazmeed said some individuals and entities required to participate in the pension scheme had yet to enrol.
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The Maldives Pension Administration Office aims to double the value of the country's pension fund to MVR 60 billion over the next five years, its Chief Executive Officer, Yazmeed Mohamed, has announced.
Speaking at the opening ceremony of the Three Generation Walk, or 3Gen Walk, organised by the Pension Office in HDh. Hanimaadhoo, Yazmeed said the fund had accumulated MVR 30 billion over the past 17 years through contributions from pension scheme members and returns on investments.
He said one of his main objectives was to double the fund's value within the next five years by expanding investment opportunities and improving fund management.
"Our target is to increase the fund to MVR 60 billion within the next five years. To achieve this, we have established a management framework to identify additional investment opportunities, expand the fund and ensure that its returns benefit members in a sustainable manner," Yazmeed said.
As part of efforts to strengthen the pension system, Yazmeed said some individuals and entities required to participate in the pension scheme had yet to enrol.
He said the Pension Office was working to bring those who had not registered into the scheme to ensure compliance with pension requirements.
Yazmeed also announced plans to recover approximately MVR 100 million in unpaid pension contributions from registered parties over the next year.
The outstanding amount relates to contributions that have not been paid by parties already registered to make pension payments.
The 3Gen Walk was organised in collaboration with Hanimaadhoo Council to promote financial literacy and healthy lifestyles.
The event sought to raise awareness among families about saving, investing and preparing for retirement, while encouraging participation across different generations.
It also provided an opportunity for families and community members to take part in activities promoting physical wellbeing and financial planning.
Yazmeed thanked Hanimaadhoo Council, local institutions and residents for their support in organising the event.
