Ahmed Saruvash Adam and Abdul Majid Ali, representing the private sector, have been appointed to the Board of Directors of the Maldives Pension Administration Office.
Adam, a graduate in economics and accounting, has previously served as Chairman of the Maldives Inland Revenue Authority (MIRA) and as a member of the Maldives Monetary Authority (MMA) Board. Most recently, he served as Chief Financial Budget Executive at the Ministry of Finance.
Ali, a banking and finance graduate, contributed to the Pension Office's initiatives in 2022 and served as a board member of the Capital Market Development Authority (CMDA). The new appointees are expected to strengthen the seven-member board under the leadership of Chairperson Ahmed Inaaz, a former finance minister.
The Pension Office shoulders the critical mandate of administering pension schemes established under the Pension Act. Its core responsibilities encompass managing these schemes, disbursing Old-Age Basic Pensions, and providing Retirement Pensions.
Equally significant is its role in shaping the regulatory framework through the formulation of standards and guidelines to ensure seamless operations. The office also prioritises public engagement, conducting educational programmes to enhance awareness of the schemes' benefits and mechanisms.