President Dr Mohamed Muizzu has ratified the bill on the 6th Amendment to the Maldives Pension Act.
The bill was passed during the 19th sitting of the first session of the Parliament for the year 2026, held on Thursday, 14 May 2026.
The amendment introduces changes to the principles governing the basic pension scheme, the circumstances under which funds in the Pension Fund may be utilised, and measures aimed at further strengthening the Pension Office and the national pension system.
Under the amendment, individuals whose income exceeds the amount granted as the basic pension for senior citizens will no longer be eligible to receive the basic pension. It further provides that funds in the Pension Fund may be used as collateral for the construction and renovation of houses.
In addition, the amendment provides for the release of pension savings for individuals diagnosed with terminal illnesses and sets out the procedures governing access to such funds. It also provides that pension savings may be utilised to reserve Hajj placements in advance.
The bill further incorporates several other significant amendments aimed at strengthening the implementation and administration of the Maldives Pension Act.
The 6th Amendment to the Maldives Pension Act has now come into force following its ratification by the President and publication in the Government Gazette.