In another significant announcement made during the campaign rally held on Thursday evening, President Ibrahim Mohamed Solih declared a substantial increase in the basic pension for individuals aged 65 and above. The President revealed that the basic pension, previously set at MVR 5,000, will now be raised to MVR 7,000, along with the retirement age set to 70, in a move aimed at addressing long-standing concerns within the elderly population.
President Solih acknowledged that the public had expressed concerns about the fixed allowance of MVR 5,000 for elderly citizens, a policy initiated during the tenure of former President Mohamed Nasheed’s government. Despite economic challenges and recessions over the years, this pension amount remained unchanged, prompting calls for a revision.
To address this issue and provide enhanced financial support for elderly citizens, President Solih has decided to increase the basic pension to MVR 7,000. However, the President did not specify the exact timeline for the implementation of this increase.
Data from the Pension Office reveals the following details about the basic pension program:
- In 2021, a total of MVR 1.09 billion was disbursed to eligible beneficiaries.
- This figure increased to MVR 1.16 billion in the following year, reflecting the growing importance of this support program.
The President’s announcement is expected to be met with enthusiasm by the elderly population, offering them greater financial security during their retirement years. While the timing of the increase remains to be determined, President Solih’s commitment to addressing the concerns of elderly citizens highlights his dedication to improving the welfare of the Maldivian people.
This move further solidifies President Solih’s campaign strategy, focusing on financial relief and social support measures as he seeks to secure victory in the upcoming presidential runoff. As the election approaches, the President’s announcements on economic and social policies are likely to play a pivotal role in influencing voter sentiment and preferences.