Waste Management Corporation (WAMCO) reports that the issue of not depositing pension contributions—deducted from employees’ wages—to the Pension Fund remains unresolved, despite ongoing talks with the appropriate authorities to tackle the problem.

WAMCO reports that it is presently collaborating with the Finance Ministry and the Maldives Pension Administration Office (MPAO) to address the issue. The inability to deposit these funds has occasionally led to protests from certain corporation employees.

WAMCO’s representative informed Sun that although employees are receiving their pay on time, the company still encounters major difficulties in making payments to the Pension Fund.

“Salaries have been disbursed consistently.” Talks are in progress to address the Pension Fund matter. The spokesperson stated that WAMCO, the Finance Ministry, and the Pension Office are working together to identify a solution.

WAMCO previously linked the problem to financial limitations due to delays in receiving payments for its services. The company highlighted that a significant sum is still due from the Malé City Council, and initiatives are in progress to retrieve these funds via the Finance Ministry.

Data from the Pension Office indicate that WAMCO contributed to the Pension Fund most recently in October 2024. During the 19 months leading up to that payment, the company did not make pension contribution deposits. The inability to transfer these funds into pension accounts, despite the seven percent deduction from employees’ pay, continues to be a significant issue for staff.

According to the Maldives Pension Act, employers must contribute seven percent of wages eligible for pensions, along with a seven percent deduction from employees' pay, leading to a total monthly contribution of 14 percent to the Pension Fund. WAMCO recognized that the deductions from salaries represent a core employee right and stressed that addressing the backlog—resulting from persistent revenue difficulties—continues to be a high priority for the company.