Pension Office says more than MVR 90 million remains outstanding, expects full recovery within one year

More than MVR 90 million remains outstanding to the pension fund, and the amount will be fully recovered within the next year, Pension Office CEO Yazmeed Mohamed said Saturday.

Speaking to state media PSM after completing the Three Generation Walk held by the Pension Office in HDh. Hanimaadhoo, Yazmeed said there were still many individuals and employers who had not deposited their required pension contributions.

Highlights from #3GenWalk 2026! ???? From generations walking together, to an evening of fun and community spirit, 3GenWalk brought people of all ages together to create lasting memories, strengthen connections and encourage conversations around financial preparedness and planning for the future. Thank you to everyone who joined us and made the event memorable! Read More: https://t.co/0fIFYj4XLL

— Pension Office (@PensionOffice) October 17, 2026

He noted that the pension fund continues to carry an outstanding balance exceeding MVR 90 million, and affirmed that the recovery process will be completed within a year.

Yazmeed said the broader aim is to strengthen investment capacity and raise the pension fund to MVR 60 billion over the next five years. He said the fund has remained around MVR 30 billion for the past 17 years, and must now be expanded to meet future obligations.

Under the Pensions Act, every employee is required to participate in the retirement pension scheme. The law mandates a minimum contribution of seven percent from the employee’s basic salary, while the employer must contribute at least seven percent as well.