Unpaid pensions more than MVR 20 million by WAMCO

It has been revealed that more than MVR 20 million in retirement pension funds have not been deposited to the accounts of WAMCO employees.

WAMCO's Head of Public Relations Shuau Haneef said that there is MVR 20 million in pensions that needs to be paid and it has not been done due to cash flow being withheld.

A citizen by the name of Afrah Ismail has been accumulating many details under the Right to Information Act via the Pension Office. The information states that the last time WAMCO deposited pension funds was in April 2024, with the amount being MVR 1.6 million. This means that pension funds have not been paid for 14 months.

Shuau said that there is a sum of MVR 98 million WAMCO is supposed to receive from Male' City Council, with them having informed the Pension Office that they will deposit the funds once they receive it. He also said that they are in discussions with the Finance Ministry in order to find a solution to the matter.

There are more than 2,000 employees working at the company while the pension funds have not been deposited.

As per the Privatization and Corporatization Board's (PCB) latest statistics, WAMCO had incurred a loss of MVR 138 million in 2024.

WAMCO was formed in 2009, with the company being responsible for waste management across all regions of Male'.

WAMCO has one of the largest revenue streams within utility companies. Their revenue in 2024 was MVR 467 million.