MPAO collects MVR 100 million in a month

MPAO collects MVR 100 million in a month

For the first time in history, Maldives Pension Administration Office (MPAO) collected MVR 100 million as pension funds within a period of one month.

According to the statistics publicised by the office, MPAO received a total of MVR 41.1 million from government authorities and state-run companies during August alone. During this time, private companies deposited funds worth MVR 58.8 million.

These values are the highest deposited into the pension fund within a monthly period so far. The largest number of revenue generated by MPAO are MVR 98 million in the month of December 2018 and MVR 94 million received in the month of August in 2017.

Funds received by the pension fund is seeing a steady increase over the years, mainly due to the rise in the number of total contributors.

Pension fund started collecting deposits in 2010, receiving MVR 165 in total throughout the first year. However, since 2017, this value has surpassed the MVR 1 billion mark.

In 2018, the pension fund earned MVR 1.1 billion.

A total of MVR 691 million was deposited to the pension fund by August 2019.