President Ratifies Amendment to the Pension Act
Following recent amendments to the Pension Act, individuals receiving an income higher than the basic pension will no longer be eligible for the benefit, while new provisions allow pension fund assets to be used as collateral for housing. Additionally, the reforms introduce mechanisms for fund withdrawals to cover costs for terminal illnesses and enable members to utilize their pension savings to secure spots in the Hajj pilgrimage queue.
President Dr. Mohamed Muizzu ratified the sixth amendment to the Maldives Pension Act (Law No. 8/2009) on May 21, 2024. | President's Office
President Dr. Mohamed Muizzu on Thursday ratified the sixth amendment to the Maldives Pension Act.
This bill was passed by the People's Majlis during the 19th sitting of its first session for the year 2024, held on May 14.
Under the newly implemented amendment, individuals who receive a personal income exceeding the amount provided as the basic elderly pension will no longer be eligible to receive the pension payment.
Furthermore, the bill includes provisions allowing funds held in the Pension Fund to be collateralized or used as security for the purposes of home construction and renovation.
Another notable feature of this amendment is the provision allowing individuals suffering from terminal illnesses to withdraw funds from their pension accounts. The bill also outlines the specific procedures and regulations that will govern the disbursement of these funds.
Furthermore, the bill stipulates that funds from the Pension Fund may be utilized to secure advance reservations for the Hajj pilgrimage.
The President has ratified the sixth amendment to the Maldives Pension Act, which has now come into effect following its publication in the Government Gazette.
