The Government has submitted a bill to the Parliament seeking to amend the Pension Act, aimed at allowing individuals to utilize their pension savings for the treatment of life-threatening illnesses and for performing the Hajj pilgrimage.
According to the proposed amendment, in circumstances where medical professionals determine a life expectancy of less than 12 months due to a critical health condition, individuals will be eligible to withdraw their pension funds either as a lump sum or in installments, regardless of whether they have reached the retirement age.
Furthermore, the bill includes provisions to facilitate the utilization of up to 80% of the required funds for Hajj pilgrimage from the pension fund. It also seeks to strengthen the criteria for the distribution of basic pensions by considering individual income levels. This initiative is a key part of President Dr. Mohamed Muizzu’s commitment to addressing existing challenges within the pension system and providing more accessible financial opportunities for the citizens.
