Unable to deposit pensions due to unpaid service fees: WAMCO

WAMCO has stated that the reason they are unable to deposit retirement pensions into employee accounts is because of unpaid service fees.

A citizen by the name of Afrah Ismail accumulated many details under the Right to Information Act via the Pension Office, with the information revealing that there is MVR 20 million in pensions that needs to be paid and it has not been done due to cash flow issues.

WAMCO released a statement regarding the matter on Facebook, with it reading that employee salaries and other benefits are paid via company revenue and government subsidy funds.

"Nevertheless, we highlight that there are difficulties in obtaining unpaid service fees for services rendered by this corporation," the statement read.

WAMCO stated that there is a sum of MVR 98 million WAMCO is supposed to receive from Male' City Council, and that their efforts to retrieve the funds over the last two years have borne no fruit.

As per WAMCO, they are in discussions with the Finance Ministry in order to find a solution to the issue.

Along with that, the statement reads that WAMCO has held various discussions with the Pension Office in light of difficulties in depositing pension funds.

WAMCO has assured that they will deposit their employees' rightful pension funds in the near future despite the difficulties.

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.