The regulation has been amended to allow foreigners in the retirement pension scheme to withdraw the funds when they decide to leave the Maldives.
The first amendment to the regulation on the participation and provision of benefits for foreign employees in the retirement pension scheme has been published in the Government Gazette. It states that foreign employees who have not reached the pension age may apply to withdraw the pension funds once they decide to leave the Maldives. The regulation previously stated that foreign employees had to apply to receive their pension funds three months before departure.
The regulation states that the pension fund will be deposited to foreign employees in Maldivian Rufiyaa. The fund shall be deposited from a Maldivian Rufiyaa account opened in the name of the employee or person designated by the employee in a bank operating in the Maldives. If a foreign employee passes away, their heirs can claim the pension fund by submitting to the Maldives Pension Administration Office a judgment or order issued by a court in their country stating who the heir is and whose pension fund they are entitled to.
A foreign employee can sign up for the retirement pension scheme for a second time. However, the second withdrawal from such an employee’s retirement savings account will be made when the person reaches the age of 65 years. It is not mandatory for expatriates to join the retirement pension scheme. However, foreign employees who wish to participate in the retirement pension scheme may join, provided that their employers are willing to pay the employer contributions and undertake the required administrative work.