The letter states that employees who retire by December this year will continue to receive monthly allowances under the current regulations.
Monthly allowances for newly retired government employees will no longer be provided starting January next year, according to a letter signed by National Pay Commission President and Minister of Finance Moosa Zameer.
However, retirees will still receive their lump sum payment upon retirement.
The letter states that employees who retire by December this year will continue to receive monthly allowances under the current regulations.
Retirement pension agencies have been instructed to amend their rules before December 15, submit them to the finance ministry, and publish the updated regulations in the government gazette.
There are 13 state agencies administering separate government pension schemes, and the expenditure on these schemes has been rising annually. This year, MVR 339 million was spent, with the figure projected to increase to MVR 386 million next year.
A retirement pension scheme was introduced in 2009 to provide coverage for all Maldivians. Prior to this, pension schemes were funded entirely by the state without employee contributions.
Although the 2009 system was expected to replace the older state-funded schemes, they remain active, contributing to increased government spending.
1. Police
2. Defence Ministry
3. Customs
4. Judicial Service Commission
5. President's Office
6. Department of Judicial Administration
7. Prosecutor General's Office
8. ACC
9. Maldives National University
10. Parliament Secretariat
11. Election's Commission
12. Auditor General's Office
13. Civil Service Commission
Next year’s budget will include a rise in the number of employees eligible for retirement benefits and increased spending on benefits for individuals over the age of 65. To address these costs, the budget book proposes eliminating the retirement allowance and revising the regulations for distributing the old-age pension to prioritize those in greatest need.
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