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Maldives Pension Fund reaches MVR 20.5 billion

Mohamed Rehan
31 May 2023, MVT 09:29
MPAO Chief Executive Officer Shujatha Haleem-- Photo: Pension Office/Mihaaru
Mohamed Rehan
31 May 2023, MVT 09:29

According to the Maldives Pension Administration Office (MPAO), the Maldives Pension Fund has reached a total of MVR 20.5 billion.

During the "Maldives Financial Forum" held at Kurumba Maldives on Monday, May 29, the authority presented statistics showing a collective increase in accrued pension rights, pension's investment, Shari'ah funds, and housing funds

The accrued pension rights are the retirement benefits allowance provided to employees who are below 65 years of ageand was implemented prior to the Maldives Pension Act came into force. The pension fund excluding accrued rights, reached a total of MVR 16.5 million since the implementation of the Pension Act.

Speaking at the Financial Forum, the Chief Executive Officer of MPAO, Shujatha Haleem, said that the size of the pension fund continues to grow year after year. She added that the youth population make up the majority share of the fund, which provides assurance for the fund's continued growth.

She further said that the authority is actively exploring options to utilize innovative technology in order to enhance and expand the fund.

MPAO reports participation of 120,000 employees in the pension fund from both the public and private sectors, spanning across more than 3,000 offices.

Minister of Environment, Climate Change, and Technology Aminath Shauna said that the current government prioritizes integration of modern technology in the financial sector.

Minister Shauna emphasized the significance of fintech as an essential approach to connect the islands of Maldives. She said that the Maldives achieved an important milestone in electronic transactions last year.

She further stressed the importance of strengthening safety and security measures to ensure data protection as the Maldivian financial sector continues to improve.

The Minister highlighted the high financial literacy levels, particularly among local youths, and emphasized the role of fintech in driving the Maldivian economy. She also expressed the importance of exploring opportunities in the fintech field.

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