Maldives has formulated new regulation on the retirement pension scheme for expatriates.
Under new regulation formulated under the Maldives Pension Act, expatriates aged 16-65 can apply for the retirement pension scheme. If the points in the scheme are met, expatriates with the approval of the employer, can be part of the scheme, according to Maldives Pension Administration Office.
The new regulation by the Pension Administration Office states if an employee leaves the country before the retirement age, the individual will be granted the money from the retirement savings account, excluding the money in the recruit pension registry.
Furthermore, the employee must submit the form requesting for the pension money three months before leaving the country. The new regulation also notes the payment must be processed within 45-days after submitting the application.