Companies abiding by the retirement pension scheme increases

Maldives Pension Administrations Office has revealed that the number of companies abiding by the retirement pension scheme has increased in the past few years.

The Office has received complaints from a total of 583 companies, as per the latest statistics, which was issued on December 25. These companies were listed due to negligence on registration issues, and in providence of pension to relevant staff. Pension Administrations Office stated that the office would take action against these companies.

At least 7 percent of the staff's salary is to be committed to the pension scheme, according to the Maldives Pension Act. This is applicable for staff between the ages of 16 and 65.