WAMCO’s pension contributions still pending as nonpayment nears two years

WAMCO has not deposited pension contributions deducted from employees' salaries to the Pension Fund for nearly two years, with the last payment in October 2024. The corporation, along with the Finance Ministry and MPAO, is discussing a solution. WAMCO cites financial constraints from delayed payments by the Malé City Council. Employees have protested. Under the Maldives Pension Act, total monthly contribution is 14% of wages. WAMCO acknowledges the deductions are fundamental employee entitlements and prioritizes resolving the backlog.

WAMCO has not deposited pension contributions deducted from employees' salaries to the Pension Fund for nearly two years, with the last payment in October 2024. The corporation, along with the Finance Ministry and MPAO, is discussing a solution. WAMCO cites financial constraints from delayed payments by the Malé City Council. Employees have protested. Under the Maldives Pension Act, total monthly contribution is 14% of wages. WAMCO acknowledges the deductions are fundamental employee entitlements and prioritizes resolving the backlog.

WAMCO has not deposited pension contributions deducted from employees' salaries to the Pension Fund for nearly two years, with the last payment in October 2024. The corporation, along with the Finance Ministry and MPAO, is discussing a solution. WAMCO cites financial constraints from delayed payments by the Malé City Council. Employees have protested. Under the Maldives Pension Act, total monthly contribution is 14% of wages. WAMCO acknowledges the deductions are fundamental employee entitlements and prioritizes resolving the backlog.

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