President Dr. Mohamed Muizzu has announced that his administration will make arrangements for individuals undergoing treatment for chronic illnesses to withdraw their full pension funds. Speaking at a meeting with residents of Galolhu, Malé, the President stated that additional avenues for utilizing pension funds would be established. He noted that some of these funds are already being utilized for specific housing-related purposes.
The President further elaborated that the Pension Act would soon be submitted to the Parliament for re-amendment to incorporate several additional provisions. He detailed: “We will soon send the Pension Act to the Parliament for amendment to include various new opportunities, such as allowing individuals with a terminal illness to withdraw their entire pension, and expanding the existing housing-related provisions to include further housing-related matters.”
The President affirmed that these amendments would provide a greater number of opportunities for many individuals to utilize their pension funds.
