Waste Management Corporation (WAMCO) says that it is unable to deposit pensions for its employees owing to financial constraints.
The state-owned corporation says it does not generate sufficient income to be capable of both paying salaries and crediting pensions for its employees.
WAMCO is facing serious cash-flow issues, primarily rooting from outstanding payable to the company from a large catalog of debtors. Many of these include customers with significant outstanding sums they owe the corporation.
The news comes to light following a Right-to-Information (RTI) application a private individual submitted recently. In its response, WAMCO notes that it has been unable to credit over MVR 20 million as retirement pension of its employees.
In a press statement on Facebook, WAMCO further notes it continues to pay staff salaries and allowances both from its revenue and government subsidy.
The corporation adds Male’ City Council is a significant debtor, with a total of MVR 98 million in outstanding payments owed to WAMCO, and notes that despite its attempts at claiming this outstanding sum for the past two years, it has been to no avail.
While addressing the difficulties it faces, WAMCO continues, in its press statement, that the corporation had a discussion with Maldives Pension Administration Office (MPAO) highlighting the challenges in crediting staff pensions.
Despite the obstacles, WAMCO promises it will resolve the matter and credit the outstanding pensions soon.
A recent report of Privatization and Corporatization Board (PCB), the watchdog authority of all state-owned enterprises, confirms WAMCO faced a MVR 138 million loss in 2024.