Huge reductions in Pension Scheme fines

Huge reductions have been made to fines on violations of Retirement Pension Scheme regulations.

The MVR 500 monthly fine for the number of days’ companies spend without joining the

Pension Scheme has been changed to a total fine of MVR 500.

The fine limit of MVR 500 to MVR 50,000 on employers who do an inadequate job of maintaining records has also been revised with the new limit set at MVR 1,000.

Pension Office said it made the drastic cuts on fines in order to lessen the burden and make it easier for companies to join the scheme.