The rules have been updated to permit foreigners who have contributed to pension funds to request a payout when they depart from the country.
As outlined in the regulations concerning the involvement of foreign workers in the pension system and the disbursement of benefits to foreign employees under this system, if a foreign employee opts to permanently leave the country before reaching the official retirement age, they are eligible to request a withdrawal the moment they decide to leave.
In the previous version of the rules, foreigners were required to apply for their pension funds three months in advance of their departure.
According to the rules, a foreign employee who has already received pension benefits can rejoin the pension scheme again. However, the release of the retirement savings account for this second period will only occur after the individual reaches the age of 65 years.
The pension funds for migrant workers will be deposited in MVR. These funds will be placed into an account either opened by the foreign employee themselves or in the name of another individual designated by the expatriate employee with a bank within the Maldives.
According to the Pension Office rules, in the unfortunate event of the death of a migrant worker, the rightful heirs can request the release of the funds deposited in the worker’s pension account. To initiate this process, the petitioners must provide the Pension Office with a court judgment or order from the respective country affirming the identity of the heirs and their entitlement to the pension funds.
