Future of Work and Retirement - Panel Discussion Quiz

Which of the following is a factor influencing the future of work and retirement?

• 1. Decreasing life expectancy

• Rise of the Gig Economy & Flexible Work

• Decline in automation

• Increase in traditional 9-to-5 jobs

Which of the following is a key feature of a Defined Contribution Pension Scheme?

• Provide income security during unemployment

• Has a set contribution for employers and employees

• 1. It encourages voluntary savings

• 1. Withdrawing funds freely at will

1. Which of the following statements regarding the Maldives Retirement Pension Scheme (MRPS) is UNTRUE?

• 1. MRPS helps individuals to save for retirement 

• Savings accumulated through MRPS depends on contribution as well as returns from investments

• Members can only contribute 7% of their basic salary as monthly pension contribution

• If eligible for early pension withdrawal members can start to  from their RSA at 55

What advantage do young people saving through Maldives Retirement Pension Scheme have compared to older members?

• 1. Higher tax deductions

• 1. More time for their savings to grow through compound interest

• No employer contribution required

• 1. Immediate access to pension funds

What is the primary purpose of the Old Age Basic Pension (BP) in the Maldives?

• To provide additional savings for retirees with other pensions

• To alleviate old age poverty

• To fund retirement savings for young workers

• 1. To promote investment in the stock market

What is a key advantage of saving through MRPS compared to other savings options in the Maldives?

• Unlimited access to funds without penalties or taxes

• • No need to contribute regularly

• Pooled investments that generally offer higher returns and professional management

• Bulk release of funds at any given time

1. Which of the following is a challenge associated with informal work?

• Increased employer contributions

• 1. No saving options through MRPS

• 1. Greater reliance on government pensions

• Increased access to health insurance