President Ibrahim Mohamed Solih pledged to raise the monthly allowance for elderly citizens to MVR 7,000.
Speaking at a campaign event held Thursday night, President Solih emphasized the need for adjustments to the current retirement age, which currently mandates retirement at 65, and proposed to change the retirement age between 65 and 70 years. Although the retirement age is changed to 70 years, those who wish to retire at the age of 65 will still have the option to do so while also being eligible for the old age allowance as per the existing law.
The President said the pension amount for the elderly was decided a long time ago. Therefore, he has now decided to increase the allowance to MVR 7,000, he announced.
"We have changed that policy. Hopefully, in the future, we will give an allowance of MVR 7,000 to everyone over the age of 65," he said.
The MVR 5,000 allowance for elderly citizens was set during President Abdulla Yameen's administration. The current government previously indicated that the public had called for an increase in the allowance for individuals aged 65 and above during President Solih's campaign.
