Plans to expand pension fund access

President Dr Mohamed Muizzu revealed last night that the government has plans to amend laws to broaden access to personal pension funds. 

In last night's meeting with residents of Henveiru ward, Male', a resident voiced concerns about the challenges faced due to small monthly installments being received from the pension fund after having worked for several years. 

He appealed to the president to allow use of his personal pension funds to start up a business through which he can generate regular income. 

The President responded that in addition to the special circumstances where the pension fund can currently be accessed, the government plans to amend laws to broaden access to the funds.

He stated that the amendments will be proposed in parliament once it reconvenes in February. 

The President did not disclose details of the amendments which are to be proposed to the Pension Act. 

Even at present, withdrawals from the pension fund are allowed in special circumstances such as to fulfill hajj pilgrimage and to pay equities for purchasing homes.