Fines reduced, new alterations for the Pension Scheme law

The regulations of the Maldivian Retirement Pension Scheme have been altered, the 31st and 34th article of these regulations have been altered to reduce  the fines being collected under these regulations have been reduced. This is the first time these regulations have been altered.

In a statement released by the Pension Office, it was stated that the change was brought about to make it easy for anyone to join the scheme. It also stated that these alterations are meant to encourage those who have not yet joined the scheme to take part in it, and to hopefully see all the Maldivian employees benefit from this scheme.

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The original law stated that an employee will lose MVR 500 for every month that they did not take part in the Retirement Pension Scheme. But the alteration brought to the regulations mean that now, that the employer can now only collect a total of MVR 500 as a fine if the employee does not take part in this scheme.  In addition to this, the fine taken if employers fail to keep records required under the regulations. Previously it was between MVR 500 to 50,000 depending on the severity of the crime. But the alterations to these regulations mean that the fine can now only be a total of MVR 1000.

The Pension Office declared that the alterations brought to these regulations will not have any negative impacts on the employees.

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