A bill proposing to reduce the eligible age for the Basic Pension was defeated yesterday in the People’s Majlis.
The amendment to the 2009 Pension Act would have brought the age at which Maldivians could receive the state pension down to 60 from 65 years of age.
Yoosuf Naseem, the Dhivehi Rayithunge Party (DRP) MP for Felidhoo constituency, first introduced the bill last year. Yoosuf informed Minivan News that the bill was defeated by 38 votes to 27.
The current state pension is Rf2300 (US$149) a month. The country’s demographics suggested that the changes to the system could have added Rf138million (US$8.9million) to the governments financial obligations.
The government is forecast to be Rf9.1 billion (US$590million) over budget this year.
The bill had been criticised by the Capital Market Development Authority (CMDA), the pension industry’s regulator, as potentially damaging the country.
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Sustainable solutions is the key. But I wonder if this itself is sustainable.