The Maldives Pension Administration Office (MPAO) disbursed a total USD 11.24 million in pension benefits last month, with the state-funded basic pension accounting for the vast majority of the expenditure.
The country's pension system primarily operates on a dual structure—the state-funded basic pension, designed as a social protection safety net to shield senior citizens from poverty, and the Maldives Retirement Pension Scheme (MRPS), a contributory savings programme designed to help employees build funds during their working years.
According to the latest data, the basic pension continues to be the largest category of payout. In August, MPAO distributed USD 8.29 million under this scheme to 27,196 beneficiaries.
Beyond the basic pension, the government disbursed USD 280,804 in long-service pensions to 2,216 individuals who have served in state institutions for periods ranging from 20 to 40 years. Other state retirement benefits—tailored for former employees of state institutions and the uniformed services—accounted for USD 1.73 million across 4,861 beneficiaries. Meanwhile, the contributory MRPS disbursed around USD 933,204 to 2,749 recipients.
As the proportion of senior citizens in the Maldivian population continues to grow, the MPAO has emphasised the critical importance of the MRPS. It noted that robust personal savings during working years are essential to ensuring individual financial security post-retirement and maintaining the overall sustainability of the national pension system.
Currently, the MPAO manages pension funds for over 107,000 members, with the net asset value of the fund under its management standing at USD 1.81 billion.