Unfunded pension schemes cannot be continued: finance ministry

Minster of Finance and Treasury Ahmed Munawar stated on Tuesday that unfunded schemes, which are run under laws outside of the Maldives Retirement Pension Scheme, are unsustainable.

Presenting the state budget estimated for the following year at the parliament, Munawar stated that a survey conducted by the National Pay Commission revealed that expenditure under these unfunded pension schemes exceeds the GDP of the country. The unfunded pension schemes are run under legislations outside of the Retirement Pension Scheme.