The World Bank Report No: ISR1964 Implementation Status & Results Maldives Public Disclosure Copy Pension and Social Protection Administration (P104743) Operation Name: Pension and Social Protection Administration (P104743) Project Stage: Implementation Seq.No: 3 Status: ARCHIVED Last Modified Date: 10-Dec-2010 Country: Maldives Approval FY: 2009 Product Line: IBRD/IDA Region: SOUTH ASIA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Ministry of Finance and Treasury, Ministry of Health and Family, Maldives Pensions Administration Office (MPAO) Key Dates Board Approval Date 12-May-2009 Original Closing Date 31-Dec-2012 Planned Mid Term Review Date 31-Jul-2011 Last Archived ISR Date 29-Jun-2010 Effectiveness Date 22-Oct-2009 Revised Closing Date 31-Dec-2012 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The development objective of the Project is to support the establishment of a new pension authority and strengthening capacity at existing institutions of the Recipient in order to effectively implement a new pension system and to provide a platform for additional social protection programs. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Capacity building for GoM 3.30 Public awareness campaign 0.50 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Medium-I Implementation Status Overview Up to date, the project is largely on track. However, key pending issues are shortfall in funding provisions for the pension component and slow disbursement under the Public Accounting System (PAS) sub-component. Consultations with the key stakeholders completed on nature of changes required in the Project Financial Agreement. Results Page 1 of 6 The World Bank Report No: ISR1964 Project Development Objective Indicators Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value Individual Accounts registered for all public servants 0.00 0.00 99.00 Date Date Date 31-May-2009 01-Dec-2010 31-May-2013 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Month of the promulgation of the The MIS system to register and Pension Bill open individual accounts is in progress of design and development. At the same time, by now, 226 active employers in Public Sector and around 34,000 employees have been registered, which covers almost all in the public sector. Indicator Baseline Current End Target Indicator Name Value Value Value Initial individual account balances calculated for public servants 0.00 0.00 99.00 Date Date Date 31-May-2009 01-Dec-2010 31-May-2013 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Month of the promulgation of the Pending completion of the MIS Pension Bill system installation. Indicator Baseline Current End Target Indicator Name Value Value Value List of beneficiaries eligible for basic pension created 0.00 99.00 99.00 Public Disclosure Copy Date Date Date 31-May-2009 01-Dec-2010 31-Dec-2012 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Month of the promulgation of the Most of eligible individuals applied Pension Bill and got registered. Page 2 of 6 The World Bank Report No: ISR1964 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Basic pension payments made to all Maldivians aged 65+ that apply 0.00 99.00 99.00 Date Date Date 31-May-2009 01-Dec-2010 31-May-2013 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Month of the promulgation of the Payments are made to all those Pension Bill who apply and get registered (around 14,600 payments). Indicator Baseline Current End Target Indicator Name Value Value Value Increared public awareness/understanding of new pension scheme None Baseline survey conducted Significant improvement in basic Date Date understanding of pension system 31-May-2009 01-Dec-2010 Date Type Unit of Measure Comment Comment 31-May-2012 Custom Indicator Text Month of the promulgation of the Comment Pension Bill Intermediate Results Indicators Indicator Baseline Current End Target Indicator Name Value Value Value MPAO Governing Board appointed; staff hired None MPAO Board appointed. The full Full staffing Date staff of 27 hired. Date 31-May-2009 Date 31-Dec-2012 Type Unit of Measure Comment 01-Dec-2010 Comment Public Disclosure Copy Custom Indicator Text Month of the promulgation of the Comment Pension Bill Page 3 of 6 The World Bank Report No: ISR1964 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Regular payments and reporting of contributions None Mechanisms for participation of Mechanisms for participation of CS Date Civil Service contributors fully contributors, private sector established. Preparations employees, and t he self employed 31-May-2009 underway for the private sector. established Type Unit of Measure Comment Date Date Custom Indicator Text Month of the promulgation of the 01-Dec-2010 31-Dec-2012 Pension Bill Comment Comment Indicator Baseline Current End Target Indicator Name Value Value Value Regular reporting of basic pension payments and beneficiaries 0.00 100.00 99.00 Date Date Date 31-May-2009 01-Dec-2010 31-Dec-2012 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Month of the promulgation of the Fully automated system 99 percent of all persons aged 65 Pension Bill developed. paid and accounted. Indicator Baseline Current End Target Indicator Name Value Value Value Database of recognition bonds 0.00 99.00 99.00 Date Date Date 31-May-2009 01-Dec-2010 31-Dec-2012 Type Unit of Measure Comment Comment Comment Custom Indicator Percentage Month of the promulgation of the It is largely a one-off action. Data 99 percent of public servants# RB Public Disclosure Copy Pension Bill on employee service history and accounts calculated wages has been collected and RB balances calculated. Indicator Baseline Current End Target Indicator Name Value Value Value Investment policy adopted and investment mechanisms implemented None Initial investment policy developed Investments in accordance with the Date and adopted by MPAO Board policy 31-May-2009 Date Date Type Unit of Measure Comment 31-May-2009 31-Dec-2012 Custom Indicator Text Month of the promulgation of the Comment Comment Pension Bill Page 4 of 6 The World Bank Report No: ISR1964 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value Generation of automated payroll information for public employees None None Required data available for all through PAS to be used for assessment of pension contributions public sector agencies for GoM Date Date 31-May-2009 01-Dec-2010 Date Type Unit of Measure Comment Comment 31-Dec-2012 Custom Indicator Text Month of the promulgation of the Delays in implementation of the Comment Pension Bill centralized PAS system Data on Financial Performance (as of 07-Dec-2010) Financial Agreement(s) Key Dates Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P104743 IDA-46110 Effective 12-May-2009 12-Aug-2009 22-Oct-2009 31-Dec-2012 Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P104743 IDA-46110 Effective XDR 2.60 2.60 0.00 0.72 1.88 28.00 Disbursement Graph Public Disclosure Copy Page 5 of 6 The World Bank Report No: ISR1964 Key Decisions Regarding Implementation In line with the Project Development Objectives (PDOs), the office of MPAO and its Governing Board have been fully established. Furthermore, capacity in pension administration has Public Disclosure Copy been strengthened (new staff hired and trained, business processes clearly mapped, interim systems developed and tested). Payments of Basic Pension remain on target: there are around 14,600 payments made monthly under the Basic Pension program. Contributions to the new contributory MRPS scheme are being paid from 226 active registered employers in Public Sector on behalf of around 34,000 employees and constitute monthly around Rf25 million. Policy on investments of MPAO pension funds is being elaborated. A regulatory agency, CMDA, has Pension Supervision unit established and has been actively involved with supervision of the new pension scheme. Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 6 of 6