President Dr Mohamed Muizzu has stated that the Government is preparing to expand the ways in which the pension fund can be used, addressing a long-standing concern raised by residents.

Addressing participants’ concerns about the use of pension funds during the meeting with Henveiru residents, the President assured them that their concerns will be addressed and noted that the Government has already begun work on proposed changes.

President Dr Muizzu said the Government plans to submit an amendment to the Maldives Pensions Act in the next parliamentary term to allow the pension fund to be used for additional purposes under clearly defined special circumstances.

“The pension fund can then be used in special circumstances. That special circumstance will be described. We are proposing to amend the law to create more opportunities for people to use their pension money,” he said.

Many residents have long highlighted limitations in how pension funds can be used, and the proposed amendments are intended to introduce additional defined circumstances for access.