Local

Pension Fund receives USD40 million in return on investment

Published

2 years ago

03/05/2022

MNN

Maldives Pension Administration Office (MPAO) has revealed that the Pension Fund received USD40 million in return on investment in 2021.

In the annual report for 2021, MPAO stated the amount is an 11.6% increase compared to the USD36 million in return on investment received in 2020. MPAO stated that the assets of the pension fund have grown to USD1 billion and over 113,721 individuals have contributed to the fund. In 2021, pension contributions exceeded USD80 million and pension benefits of over USD8 million were disbursed to beneficiaries. MPAO stated that its mobile application has been installed over 71,100 nationwide and offers all the services provided by the institution.

MPAO was formed under the Maldives Pension Act, which was ratified in 2009 as an independent legal entity. The Maldives Retirement Pension Scheme (MRPS) was mandated on all state offices in 2010 whereas the private sector adopted the scheme in 2011. MRPS was the successful outcome of the Maldives Retirement Pension Administration Project carried out with assistance from the World Bank. All financial assistance was rendered by the state merged under one name and the MPAO began managing pension collection and disbursements.

As per the Maldives Pension Act, Maldivians who have reached 65 years of age will be generally eligible for pension benefits, although people who have reached the age of 55 will also be eligible for early pension benefits if the balance in their account is enough to provide a lifetime monthly payment that is at least twice the amount of general retirement pension amount.

Source: psmnews

Local

Nasheed to form new party

Published

11 months ago

17/05/2023

The main ruling Maldivian Democratic Party (MDP)’s leader Mohamed Nasheed has decided to form a new political party.

Nasheed initiated a separate political movement within MDP, ‘Fikuregge Dhirun’, following his loss in MDP’s presidential primary held back in January. After major conflicts with the government and its policies – all lawmakers from the faction tendered their resignation from MDP on Wednesday.

The move came after Central Henveiru MP Ali Azim was expelled from the party on Tuesday and banned from rejoining for at least one year over involvement in opposition political activities surrounding the Chagos archipelago dispute.

The 12 members who resigned from MDP on Wednesday are;

Parliament’s Deputy Speaker, North Galolhu MP Eva Abdulla
Ungoofaaru MP Mohamed Waheed (Wadde)
North Maafannu MP Imthiyaz Fahumy (Inthi)
West Henveiru MP Hassan Latheef
Hulhudhoo MP Ilyas Labeeb
North Kulhudhuffushi MP Yasir Abdul Latheef
Vilufushi MP Hassan Afeef
Central Maafannu MP Ibrahim Rasheed (Bonde)
Madaveli MP Hussain Firushan
Thoddoo MP Hassan Shiyan (Gita)
North Mahchangoalhi MP Mohamed Rasheed (Boadhigu)
Gadhdhoo MP Ahmed Zahir
All 12 members are close acquittances of Nasheed. MP Hassan Latheef, during a meeting at Bodufenvalhuge on Wednesday, announced Nasheed’s decision to form a new political party. The meeting was attended by supporters of Nasheed.

Should Nasheed form a new political party, that party would be the largest opposition party in terms of members in the parliament, thereby, the minority party. The minority party at present, opposition PPM-PNC coalition has only eight members in the parliament.

Despite the resignation of the 12 MPs, President Ibrahim Mohamed Solih continues to hold full control of the Parliament with 56 MPs.

Source(s): sun.mv

Local

MPs loyal to Nasheed leave MDP

Published

11 months ago

17/05/2023

Multiple members of the main ruling Maldivian Democratic Party (MDP) loyal to the party’s leader Mohamed Nasheed have left the party.

The members who resigned from MDP include 12 MPs. They include Deputy Speaker Eva Abdulla, MP Mohamed Waheed, MP Imthiyaz Fahmy (Inthi), MP Hassan Latheef, MP Ilyas Labeeb, MP Yasir Abdul Latheef, MP Hassan Afeef, MP Ibrahim Rasheed (Bonde), MP Hussain Firushan, MP Hassan Shiyan, MP Mohamed Rasheed (Boadhigu), and MP Ahmed Zahir.

They submitted their resignation letters Wednesday.

The move comes after MDP’s parliamentary group had requested action against Inthi, Hassan Latheef, Ilyas, Yasir, and Central Henveiru MP Ali Azim earlier this week, for forming an alliance with the opposition Progressive Party of Maldives (PPM), Jumhoory Party (JP) and Maldives National Party (MNP), after accusing the government of failure to protect the interests of the Maldivian people in the case lodged with the International Tribunal of the Law of the Seas (ITLOS) over the disputed maritime territory between Maldives and Mauritius.

The party’s disciplinary committee decided to expel Azim from the party on Tuesday.

They are all members of Nasheed’s ‘Fikuregge Dhirun’ faction.

However, Nasheed has yet to resign from the party.

Despite the resignation of the 12 MPs, President Ibrahim Mohamed Solih continues to hold full control of the Parliament with 56 MPs.

Source(s): sun.mv

Local

The Cambodian Prime Minister arrives in the Maldives on an official visit

Published

1 year ago

15/01/2023

The Prime Minister of the Kingdom of Cambodia, Samdech Akka Moha Sena Padei Techo Hun Sen, arrived Sunday morning on an official visit to the Maldives at the invitation of H.E. President Ibrahim Mohamed Solih. It is Samdech Techo Prime Minister Hun Sen’s first visit to the Maldives.

The Cambodian Prime Minister and accompanying delegation were received at Velana International Airport (VIA) by the Minister of Foreign Affairs, Abdulla Shahid (ODRI). The government will hold a ceremony on Monday to officially welcome the Cambodian Prime Minister to the Maldives.

During the visit, President Solih would meet with Samdech Techo Prime Minister Hun Sen and hold official talks on strengthening bilateral cooperation, followed by the exchange of memoranda of understanding (MoUs) between the two countries. President Solih and the Cambodian Prime Minister would also deliver a joint statement on the outcomes of their discussions.

The Maldives and Cambodia established diplomatic relations on September 21, 1995.

Source(s): President Office.