President Dr. Mohamed Muizzu, on Sunday night, said the government will be submitting an amendment to the Pension Act in order to pave the way for the utilization of pension funds for additional purposes.
A resident posed a question to the President regarding the Pension Fund during the meeting he held with Henveiru residents at Kalaafaanu School on Sunday night.
In response to the question, the President revealed the government’s plans to submit an amendment to the Pension Act when the Parliament opens for a new session to enable the utilization of pension funds under special circumstances. He added that this will pave the way for the use of pension funds for additional purposes that address critical needs.
However, the President did not disclose the specific changes that will be brought.
The public has been urging to enable the utilization of pension funds for purposes such as medical treatment of patients facing critical illnesses. Some have also urged the disbursement of pension funds accumulated during employment upon retirement.
At present, pension funds can be utilized to pay for Hajj pilgrimage.
According to the law, pension funds accumulated during employment can be accessed after turning 65 years old.