Proposed pension amendment could add Rf138 million to budget
10 Jun 2012, 10:52 PM
Daniel Bosley
A proposed amendment to the Pensions Act which would bring down the eligible age for the basic pension may add Rf138million (US$8.9million) to the government’s annual budget.
The bill has been criticised by the Capital Market Development Authority (CMDA), the pension industry’s regulator, as potentially damaging the country.
The proposed amendment was introduced to the Majlis last year by Dhivehi Rayithunge Party (DRP) MP for Felidhoo constituency Yoosuf Naseem. It received its first reading in August 2011.
The reduction of the age of eligibility from 65 to 60 years old has the potential to increase the number of those eligible to receive the pension by 33 percent.
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