Applications have been opened for four positions as board members of the Maldives Pension Administration Office. The four board member positions became vacant as the number of members representing the private sector on the board was increased from 4 to 5 following the ratification of the 6th Amendment Bill to the Pension Act on the first day of last May.
In addition, because two positions among the members representing the private sector on the board are currently vacant and the term of an additional member expires on the second day of next month, the office has opened applications for a total of four positions.
Applications for the post are open to individuals who fulfill the requirements stipulated in Section 8 (b) and (l) of the Pension Act. These requirements include:
- Being a Maldivian citizen
- Having reached 35 years of age
- Not being an undischarged bankrupt
- Holding at least a first degree in the field of pensions, finance, investments, auditing, economics, business, law, information technology, social security, public policy, or human resources, along with at least five years of experience and professional competence.
Furthermore, details of additional requirements for the post and the documentation that must be submitted are included in the announcement published by the office.
Those who wish to apply for these positions can submit their applications before the 16th of this month via the Google Form (https://forms.gle/rocN9hn9wCcowxcy6).
The 6th Amendment Bill to the Pension Act was ratified last month by President Dr. Mohamed Muizzu. The main objective of this amendment is to strengthen the regulations for providing the basic pension, facilitate opportunities to utilize the funds in the pension scheme for essential needs, and reinforce the administrative governance of the pension system.
Among the primary changes brought to the law are the suspension of the basic pension during the period an individual holds an elected position under the Constitution or a law, or during the period they are employed in a state or state-owned enterprise. It also includes the suspension of the basic pension in situations where an individual's received income exceeds the amount designated as the basic pension.
Additionally, the amendments include utilizing pension funds for housing construction and renovation, releasing pension funds to individuals suffering from terminal illnesses, and using pension funds to reserve slots to perform the Hajj pilgrimage.
Furthermore, the opportunity for self-employed individuals to participate in the retirement pension scheme has been further expanded under the amendment. The guidelines for managing and investing the fund's assets have also been further strengthened under the amendment to maximize the returns from the pension fund's investments.
