Applications have been opened today for the position of Chairperson of the Maldives Pension Administration Office (Pension Office).

In an announcement made today, the Pension Office stated that the selection process for the Chairperson will be conducted by a Selection Committee formed in accordance with the law. The office noted that three candidates will be shortlisted from the applicants, and the Capital Market Development Authority (CMDA) will verify if these individuals meet the required criteria.

Qualifications for the Chairperson of the Pension Office:

Possession of a first degree in business, economics, or law.Professional experience in the fields of pension or investment.The Pension Office added that, in addition to these requirements, all criteria specified in Section 8(c) and (d) of the Pension Act will be considered.

The deadline for submitting applications for the Chairperson's position is 14:00 on the 16th of this month.

The position became vacant following the resignation of the former Finance Minister, Ahmed Inaz, on the first of this month.

His departure follows a series of resignations by several senior officials at the Pension Office, triggered by dissatisfaction over a decision to sell MVR 2.4 billion in bonds from the Pension Fund to the Maldives Monetary Authority (MMA) and reinvest the proceeds into a government bond.

Among those who have resigned are CEO Sujatha Haleem, Board Member Saruvash Adam, Chief Financial Officer (CFO) Hawwa Fauzee, and Board Member Mohamed Maadhin Latheef.