The Maldives Pension Administration Office (MPAO) has stated that it has collected a total of USD 330.7 million as profits of the Maldives Retirement Pension Scheme (MRPS). The statement was made by MPAO at the Parliamentary Committee on Independent Institutions.
Addressing a query raised by a parliamentarian, the Director, Investment and Research of MPAO Aminath Irthiyasha disclosed that the MRPS funds are worth USD 1.2 billion. She added that the profits made under the scheme amounts to USD 330 million.
The MRPS, a defined contribution pension scheme established under the Maldives Pension Act, serves as the primary pension provision for the elderly population. The MPAO indicated that it distributes USD 6.48 million monthly to 23,000 elderly beneficiaries. Additionally, it noted that the MRPS receives USD 9.27 million monthly, while a total of 122,000 individuals are in the working population.
MPAO was established in 2009 under the Pension Act of Maldives.