President ratifies the 4th amendment to Maldives Pension Act.

12 March 2019

The 4th amendment to Pension Act enables members of the Retirement Pension Scheme to utilize pension savings to finance their Hajj pilgrimage.

 

As per the amendment only the first-time pilgrims qualify for the Hajj scheme and they are required to have sufficient balance to get a monthly pension of MVR 2000.00 in their Retirement Savings Account when they apply to withdraw funds for Hajj.

Furthermore, they can only fund 50 percent of the official amount decided by the government as the cost of making the pilgrimage.

Additionally, the new amendment increases the basic Pension amount from MVR 2,300 to MVR 5,000.

 


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