Majlis asked to probe WAMCO after 1.5 year lapse leaves employees without pension benefits

The Parliament’s State‑Owned Enterprises (SOE) Committee has been asked to investigate the issue of pension contributions deducted from the salaries of WAMCO employees not being deposited into their pension accounts.

In a letter sent to Parliament Speaker Abdul Raheem Abdulla, North Galolhu MP Mohamed Ibrahim (Kudu) wrote that although WAMCO continues to deduct monthly pension contributions from employees’ salaries, the company has not deposited these funds since October 16, 2024. According to the letter, this amounts to 1.5 years of non‑payment.

Kudu noted that WAMCO had previously claimed in January that its invoices were not being paid due to financial difficulties. He wrote that this is not a lawful justification for neglecting employees’ basic rights and statutory entitlements.

Under Maldivian law, pension contributions are a fundamental right of every citizen, and employers are legally obligated to deposit the deducted amounts into the pension scheme.  

Kudu wrote that the failure to make regular deposits has deprived employees of benefits such as investment returns and the ability to use their pension funds as collateral for housing loans.

He therefore requested the SOE Committee to investigate WAMCO’s non‑payment of pension contributions, hold both the company and relevant Pension Office officials accountable, and require WAMCO to submit a plan to settle the outstanding amount without delay.

It is noteworthy that WAMCO employees have also faced repeated delays in salary payments. At the time, a WAMCO employee told Sun that staff had gone three months without receiving their salaries, although some departments had been paid.

According to the Pension Office, as of January, three state‑owned companies, including WAMCO, had failed to deposit employees’ pension contributions for more than three months.