Government expenditure on pensions rose to approximately USD 116.7 million in 2024, up from USD 110.2 million the previous year, according to figures from the National Bureau of Statistics. This represented a year-on-year increase of 6 percent.
That upward trajectory was evident across all major pension categories, with both retirement and basic benefit schemes contributing to the overall rise. Retirement pensions alone totalled USD 10.7 million last year, a 13 percent increase from the USD 9.47 million disbursed in 2023.
Women constituted the majority of recipients in this category, according to data from the Pension Administration Office, published by the bureau. Female beneficiaries received approximately USD 2.46 million in 2024, up from USD 1.75 million in the prior year. Allocations for male recipients rose to around USD 8.17 million from USD 7.65 million.
These distributions fall under the Maldives Retirement Pension Scheme (MRPS), a defined contribution programme codified in the Maldivian Pension Act. The scheme requires fixed contributions from both employers and employees, which are invested to build retirement savings over time.
Basic pension disbursements also increased, reaching USD 84.3 million last year, a 7 percent rise over the USD 77.8 million paid in 2023. Offered under the Old-Age Basic Pension Scheme, these benefits are granted to individuals aged 65 and older who are either unemployed or whose retirement savings do not meet minimum adequacy thresholds.
In addition to core retirement and basic pensions, the state allocated USD 23.6 million to other pension-related expenditures in 2024, a slight increase from the USD 23.2 million reported the year before.