The Maldives Monetary Authority (MMA) has published regulations governing the opportunity for people who wish to continue working at the authority under the Re-employment Act.
The Re-employment Act, which came into force this year, provides employees who wish to remain in employment until the age of 75 with an opportunity to do so.
Under the regulations published by the MMA, employees aged between 65 and 75 may be re-employed under the Re-employment Act. Employment will be arranged through 12-month contracts, which may be renewed annually.
The regulations state that the opportunity to remain employed until the age of 75 will be available to employees who wish to continue working at the MMA until that age, as well as to individuals who have left employment after reaching pensionable age. Those who wish to be re-employed must apply within 60 days of the regulations coming into effect.
The regulations also state that re-employment may be granted to individuals who have no more than 13 months remaining before reaching the age of 75.
According to the MMA, permanent employees who wish to continue working must submit their application six months before reaching the age of 65.
Under the re-employment scheme, an individual may be appointed to the same position they held when they reached pensionable age, or to another position. The regulations also allow for changes to the responsibilities of their previous position, as well as adjustments to their salary and allowances, when arranging their re-employment.
Employees who wish to leave their re-employment must provide 21 days' notice. The regulations further state that salaries for employees appointed under the scheme will be determined by the Governor in accordance with the standards set by the National Pay Commission.
The Government introduced the Re-employment Act to provide an opportunity for people who wish to continue serving for longer periods, despite being required to retire upon reaching the age of 65.