President Abdulla Yameen Abdul Gayoom has ratified the third amendment to the “Pension Act” (Act No. 8/2009), which will allow members of the retirement benefit scheme are given a feasible opportunity to purchase housing.
The amendment was passed by the Parliament at the 27th sitting of its first session, on 19th April 2016. Following ratification, the Act has been published in the Government Gazette.
The amendment addresses the application of retirement benefit scheme. With this amendment members of the scheme are given a feasible opportunity to purchase housing. Also with this amendment a set amount of a member's retirement saving can be allocated to be collateralised for housing needs.
Additionally, this amendment will resolve issues related to being unable to use the pension amount before 65 years. The amendment encourages participation in pension schemes because this enables members of the scheme to be provided with housing and social security within the schemes.
