The Pension Office has revised regulations with new processes for issuing money from the pension fund for foreign workers in the Maldives.
It was the first amendment brought to the regulations since it was enacted in 2018.
In the past, if a foreign worker wanted to permanently leave the Maldives, he or she was required to submit a form three months prior to the departure date.
But according to the amendment, the form can be submitted when the worker decides to leave regardless of the three-month period.
In addition, an expatriate who has withdrawn pension funds could now rejoin the scheme. But the funds deposited for the second time could only be withdrawn after the employee turns 65 years of age.
Pension contributions from expatriates must be deposited to a Dhivehi Rufiyaa account opened at a Maldivian bank under either the worker's name or the name of a person designated by the worker, the regulations state.
The heirs of foreign workers who die in the Maldives can apply to withdraw all the money in the pension account under the expatriate's name.
The funds will be transferred to the accounts of the heirs after verifying documents, according to the new regulations.
