Monday, May 29, 2023
DhiDaily - English Edition
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި
No Result
View All Result
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި
No Result
View All Result
DhiDaily - English Edition
No Result
View All Result

Government Enables Employees to Choose Retirement Pension Plan

Ibrahim by Ibrahim
November 1, 2022
0
Government Enables Employees to Choose Retirement Pension Plan
0
SHARES
8
VIEWS

National Pay Commission (NPC) has enabled employees to choose their retirement pension plan.

The change was made to address concerns from employees in the education sector regarding the pay framework allowing employees to be paid their pension in accordance with their previous smaller salary after retirement. Around 500 teachers signed a petition and submitted it to President Ibrahim Mohamed Solih to address their concerns.

The first amendment has been made to the pay framework, which allows employees to choose their preferred pension and benefits plan if they resign 18 months after being transferred to the state pay framework. Employees under the state pay framework can choose to receive their benefits under one bulk payment or monthly payments.

The benefits will be provided to employees who had served the state for 30 years and their monthly salary will be determined by the average basic salary they have received in the last five years of their service. Additionally, benefits will be provided to employees who are approved to go into retirement by the relevant state institution. As such, employees will receive benefits within six months after leaving their job and will have the opportunity to choose between receiving benefits under the state pay framework or under the pay structure of their place of employment.

Employees in the education sector were the first to be paid under the state pay framework. The framework aims to provide benefits to all state employees who are working at institutions that do not have a specific structure for providing benefits to employees who leave their job.

Tags: Ministry of Finance

Related Posts

Government Takes Firm Stance Against False Accusations Towards President Solih Regarding May 6th Attack
Local

Government Takes Firm Stance Against False Accusations Towards President Solih Regarding May 6th Attack

May 26, 2023
MRM Dissolved by Elections Commission
Local

MRM Dissolved by Elections Commission

May 26, 2023
Australia Opens High Commission in the Maldives
Local

Australia Opens High Commission in the Maldives

May 26, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
BML Navigates Stormy Seas: Speculation of Complicity in Scam Calls

BML Navigates Stormy Seas: Speculation of Complicity in Scam Calls

March 12, 2023
Italian Cruise Ship Costa Deliziosa Arrives in Maldives

Italian Cruise Ship Costa Deliziosa Arrives in Maldives

February 5, 2023
MTCC Launches Online Top-Up Service for Dhathuru Card

MTCC Launches Online Top-Up Service for Dhathuru Card

April 19, 2021
Fire Breaks Out in Vakkaru Resort

Fire Breaks Out in Vakkaru Resort

December 14, 2021
Stewart Fired as CEO of MACL

Stewart Fired as CEO of MACL

1
Speaker Nasheed Undergoes Multiple Successful Surgeries

“I Will Not Compete Against President Solih” – Nasheed

1
Cat Strangling Video Receives Backlash

Cat Strangling Video Receives Backlash

1
UK Prime Minister Boris Johnson Reveals His Cautious Lockdown Easing Plan

UK Prime Minister Boris Johnson Reveals His Cautious Lockdown Easing Plan

0
Government Takes Firm Stance Against False Accusations Towards President Solih Regarding May 6th Attack

Government Takes Firm Stance Against False Accusations Towards President Solih Regarding May 6th Attack

May 26, 2023
MRM Dissolved by Elections Commission

MRM Dissolved by Elections Commission

May 26, 2023
Australia Opens High Commission in the Maldives

Australia Opens High Commission in the Maldives

May 26, 2023
Maldives and Malaysia Strengthen Economic Relations with Double Tax Avoidance Agreement

Maldives and Malaysia Strengthen Economic Relations with Double Tax Avoidance Agreement

May 26, 2023

Recent News

Government Takes Firm Stance Against False Accusations Towards President Solih Regarding May 6th Attack

Government Takes Firm Stance Against False Accusations Towards President Solih Regarding May 6th Attack

May 26, 2023
MRM Dissolved by Elections Commission

MRM Dissolved by Elections Commission

May 26, 2023
Australia Opens High Commission in the Maldives

Australia Opens High Commission in the Maldives

May 26, 2023
Maldives and Malaysia Strengthen Economic Relations with Double Tax Avoidance Agreement

Maldives and Malaysia Strengthen Economic Relations with Double Tax Avoidance Agreement

May 26, 2023
DhiDaily - English Edition

© 2022 Dhidaily

  • About
  • Advertise
  • Privacy & Policy
  • Contact

No Result
View All Result
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި

© 2022 Dhidaily