Authority, commission or agency
Maldives Pension Administration Office
In the news, last 90 days
Economy
Proposed 2027 budget boosts social protection spending to over USD 259 million
The proposed 2027 state budget allocates over USD 259.40 million for social protection services, an 8.8 per cent increase from the outgoing fiscal year, with the largest share going to senior citizen care and pensions. Capital spending under the Public Sector Investment Programme will fund safe homes for women, elderly facilities and domestic violence shelters.
Society
New policy allows individuals aged 65 and above to use pension funds for Hajj slots
New regulations under an amended Pension Act came into effect on Thursday, allowing people aged over 65 to use their Retirement Savings Accounts to finance the Hajj pilgrimage, subject to conditions including a minimum balance of MVR 336,000. The Islamic Minister announced last month that 324 people aged over 70 who have waited more than three years on the Hajj list will be sent for the pilgrimage next year, while Saudi Arabia's annual quota for the Maldives stands at 1,000 pilgrims.
Economy
Retirement Pension Scheme pays MVR 14.84 million in October
The Maldives Pension Administration Office reported that the Retirement Pension Scheme paid MVR 14.84 million to 2,773 members in October, alongside MVR 128.98 million in Basic Pension payments to 27,420 recipients. The office also disbursed MVR 4.30 million to 2,198 long-service recipients and MVR 26.06 million through other State pension arrangements.
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