Friday, February 3, 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

Boahura Omitted From Islands To Be Leased for Tourism List
Local

Boahura Omitted From Islands To Be Leased for Tourism List

February 2, 2023
BML Reduces Interest Rate to 5% on Student Loans
Business

BML Reduces Interest Rate to 5% on Student Loans

February 2, 2023
Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year
Business

Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

February 2, 2023

Leave a Reply Cancel reply

Your email address will not be published.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

  • Trending
  • Comments
  • Latest
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
The Power of Women’s Leadership, A Powerful Economy

The Power of Women’s Leadership, A Powerful Economy

March 14, 2021
Police Begins Operation to Arrest High-Profile Individuals Involved in Sex Scandal

Three Arrested Over Alleged Same-Sex Videos Released from Custody

August 13, 2022
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
Boahura Omitted From Islands To Be Leased for Tourism List

Boahura Omitted From Islands To Be Leased for Tourism List

February 2, 2023
BML Reduces Interest Rate to 5% on Student Loans

BML Reduces Interest Rate to 5% on Student Loans

February 2, 2023
Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

February 2, 2023
A Walkthrough Maldives’ Terrifying Dollar Tale

BML Removes Monthly USD Withdrawal Limit

February 2, 2023

Recent News

Boahura Omitted From Islands To Be Leased for Tourism List

Boahura Omitted From Islands To Be Leased for Tourism List

February 2, 2023
BML Reduces Interest Rate to 5% on Student Loans

BML Reduces Interest Rate to 5% on Student Loans

February 2, 2023
Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

February 2, 2023
A Walkthrough Maldives’ Terrifying Dollar Tale

BML Removes Monthly USD Withdrawal Limit

February 2, 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