Maldives Pension Administration Office (MPAO) has revealed funds from pension scheme for Hajj pilgrimage will only be released once a regulation has been formulated. Preparations are underway to establish the regulation, adding the regulation will be published within the given time frame, MPAO said.
The president has ratified the amendment to Pension Act, allowing the Retirement Savings Account to finance Hajj Pilgrimage. MPAO is given until June 10 to formulate the regulation required to implement the amendment.
Noting although it is unclear whether the funds can be used for this year's Hajj pilgrimage, MPAO said efforts to finalise the regulation is fast underway.
It is a pledge of President Ibrahim Mohamed Solih to allow the utilisation of pension funds for Hajj pilgrimage.