104 companies default on pension payment, MPAO reveals names

Maldives Pension Administration Office (MPAO) has revealed the names of 104 companies that failed to deposit money to the retirement pension fund.

The companies include major operators in the Maldives including MVK Maldives, Skytours Holidays Pvt Ltd, Platinum Capital Holding Pvt Ltd, Najaah Artpalace Pvt Ltd, Nashee Cakes, Resonance Trading Pvt Ltd, Secura Pvt Ltd, Xee Salon Pvt Ltd and Dine More.

Ismail Sujau, Director at MPAO told Sun that the companies have been notified several times and that the office will take legal action if they do not receive payment within 15 days of revealing the companies.

“We are preparing go to court. But if they pay the money now, the issue will be resolved,” Sujau said. Defaulting parties will also be subjected to a fine decided by MPAO.

Over 70,000 employees have registered in the Maldives Retirement Pension Scheme. Retirement age in the Maldives 65.