Opposition PPM/PNC presidential candidate Dr Mohamed Muizzu, speaking in Mahibadhoo, Alifu Dhaalu Atoll, called for reform of the Maldives' pension fund ahead of the 30 September run-off election. He proposed broadening the fund's investments and allowing contributors to draw on it after a decade rather than at retirement.
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As the Maldives gears up for the second round of its presidential election on 30th September
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We aim to expand the fund's capacity and also provide more opportunities for people to reap its benefits. To achieve this, my administration will work closely with the parliament to introduce legislative changes
People shouldn't have to wait three to four decades to access the benefits. I propose that after a decade of contributions, individuals should be able to draw from the fund in proportion to their contributions
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According to Muizzu, the pension fund currently holds MVR 20 billion, contributed equally by employees and employers at a rate of 7% each.
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According to Muizzu, the pension fund currently holds MVR 20 billion, contributed equally by employees and employers at a rate of 7% each.
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Despite annual deposits amounting to MVR 100 million, Muizzu argues that the fund's utilisation falls short of serving the best interests of the people.
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At present, the fund is primarily used for apartment loans and Hajj pilgrimage expenses, with payouts happening at retirement ages of 55 or 65.
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