MVR 123 Million Given Out as Pension in July 2021

According to statistics publicized by Maldives Pension Administration Office, MVR 123 million was given out as pension last month.

The statistics reveal that the bulk of this figure was issued as basic pension, with over MVR 90 million given to 19,107 pensioners.

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The basic pension is a lifetime pension benefit given to Maldivians aged 65 years and above. The main aim of the basic pension scheme is to provide retired citizens, who do not receive enough from their retirement pension, a sufficient amount to fulfil their basic needs. Over MVR seven million was issued as retirement pension to 1,444 individuals.

Additionally, state allowances were provided for pensioners from state institutions and government offices as well. As such, over MVR 19 million was issued to 4,155 individuals, and over MVR five million was distributed to 3,078 persons as other retirement benefits.

Maldives Pension Administration Office was founded on 13th May 2009 as an independent establishment after the law on pensions was passed. Apart from the retirement pension, all pension and allowances are provided through the state budget.

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