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President vows to improve pension scheme

President Dr. Mohamed Muizzu has expressed his commitment to enhancing the pension scheme to better serve the citizens. He made the statement during the "Raees ge Javaab" series, which facilitates direct public interaction with the President on diverse issues.

During the series, a citizen had expressed concerns to President Dr. Muizzu regarding access to pension funds upon retirement. In response, the President clarified that the pension system operates under specific legislation and any adjustments would require amendments through parliamentary processes. Emphasising his intention to bolster the pension scheme for the benefit of the public, he underscored the importance of legislative reforms to achieve the goal.

Pensions constitute funds reserved for individuals to use in their later years or upon retirement, encompassing state provisions for elderly individuals without income. The Maldives Pension Administration Office (MPAO) had announced a reduction in administrative fees for managing the Maldives Retirement Pension Scheme. It said that the revised fees now stand at 0.5% per annum for both pre-retirement and post-retirement funds, down from the previous 0.6%. Post-retirement funds will incur a reduced fee of 0.3%.