Maldives Pension Administration Office has reopened nominations for the position of Chief Executive Officer following the ratification of the Sixth Amendment to the Pension Act.

The Pension Office said one of the key responsibilities of the new CEO will be to lead the implementation of the changes introduced under the amended law.

The office described the role as an opportunity to lead the institution during a period of significant reform and transformation.

According to the announcement, the CEO will be appointed for a five-year term and will be responsible for overseeing the administration and implementation of the pension system under the revised legal framework.

Applications must be submitted by 2:00 pm on Thursday.

President Dr Mohamed Muizzu ratified the Sixth Amendment to the Pension Act last month after it was passed by Parliament in May.

The amendments aim to strengthen the administration of the pension system, improve the management of pension funds and expand opportunities for individuals to access their retirement savings for essential purposes.

Among the key changes is the suspension of the basic pension for individuals holding elected office under the Constitution or law, those employed by the state or state-owned enterprises, and individuals whose income exceeds the value of the basic pension.

The reforms also allow pension savings to be used for the construction and renovation of homes, treatment of terminal illnesses and the reservation of Hajj pilgrimage slots.

In addition, the amendment expands opportunities for self-employed individuals to participate in the retirement pension scheme.

The revised law also introduces stronger asset management and investment rules aimed at improving returns on pension fund investments.