Parliament to Debate Pension Act Amendment Allowing Early Withdrawals for Serious Illnesses

The People’s National Congress (PNC) has reintroduced an amendment to the Pension Act to allow individuals suffering from serious illnesses, such as cancer, to withdraw money from their pension accounts before reaching retirement age. The original amendment, proposed by Galolhu North MP Mohamed Ibrahim (Kudu) of the Maldivian Democratic Party (MDP), was rejected earlier this year. However, the government has now revived the proposal with additional provisions. Milandhoo MP Hassan Mufeedh Abdul Qadir submitted the revised amendment, which is scheduled for debate in an extraordinary session on Monday. Under the proposed changes, individuals seeking treatment for serious illnesses would be eligible to withdraw pension funds regardless of age. The funds could be disbursed either in full or in installments. Another provision would allow pension account holders to pay the remaining 80 percent of Hajj costs through their pension if they have already paid 20 percent to the Hajj Corporation. President Dr. Mohamed Muizzu has also announced plans to expand pension fund access further, including for housing and other essential needs.