President Dr Mohamed Muizzu announced that his government will introduce legislative amendments in the forthcoming parliamentary session to permit citizens to access their pension funds under defined circumstances.
Speaking to residents of the Henveyru district, the president acknowledged public frustration with existing restrictions and confirmed that reforms are being drafted to expand access. The initiative fulfils a central campaign pledge to broaden the utility of the pension system.
The amendments would establish statutory provisions outlining the specific conditions under which individuals may draw upon their savings, offering greater flexibility than the current framework allows. The pension system, created under the 2008 Constitution, consists of the Maldives Retirement Pension Scheme and the Old Age Basic Pension Scheme. Access to the former is generally restricted until the age of 65, a limitation that has provoked sustained public debate. The government’s pursuit of structural adjustments reflects its effort to address these concerns.
The administration also faces the growing fiscal strain imposed by the pension system, with costs rising annually. Previous governments struggled to implement effective measures to ease these pressures. President Muizzu has pledged to enact special measures aimed at correcting systemic inefficiencies and resolving the persistent challenges embedded in the current model.