The Cabinet has today decided to launch a special programme to provide incentives and financial assistance to government employees who want to retire from government service voluntarily.
Employees can opt for one of four retirement incentive options finalised by the Cabinet today.
- Leave the government service without any financial assistance.
- Retire from the government service with a single payment of Rf150,000.
- Leave with a one time payment of Rf150,000 with priority in government’s small and medium enterprises loan scheme. This option is available for employees between 18 and 50 years of age.
- Leave the government service with a lump sum of Rf200,000, in addition to priority in government scholarship and training programmes. This option is available for employees between ages 18 and 40.
Civil servants and government employees appointed under the Article 115 (f) of the Constitution can apply to be released from the government service under this programme.
Government employees above the age of 55, who retire voluntarily, will be given the same benefits as those released by the Civil Service Commission after they reach 55.
Employees who are bonded to serve the government for a particular period of time under Act Number 29/76 can also be terminated from government service with incentives and assistance under this programme.
However, employees who are contracted to repay a share of their education expenses to the government should continue to repay as agreed, despite having released from government service.
Employees who opt to retire under this programme will not be employed in any company with state or government share.
Ministry of Finance and Treasury will announce the procedures, as decided by the Cabinet, for government employees to apply to retire under the programme tomorrow. Employees who seek retirement under the programme should apply to the ministry before 31 May 2011.
At today’s Cabinet meeting, the Cabinet also decided to reclaim and develop 10 islands between 5 to 10 hectares in lagoons in Malé Atoll.
The decision was made after discussing the expressions of interest from investors to establish tourist facilities in lagoons and sand banks in Malé Atoll given the close proximity to major tourism infrastructure in the area.
The Cabinet members also noted that the opportunities available to reclaim and develop islands using environmentally friendly technologies.
Size, shape and design of the islands will be determined by the investors.
Further, the Cabinet decided to publicly open for expression of interest from investors to buy and develop the islands.