Muizz’s vision: Boost pension fund, allow spending

The opposition PPM-PNC presidential candidate, Dr Mohamed Muizz, said on Thursday that the pension fund is not being used in the best interest of the people.

Muizz, who is campaigning for the second round of the presidential election on September 30, announced his policy on the pension fund at A.Dh. Mahibadhoo on Thursday.

"There is MVR 20 billion in the pension fund. Everyone's money. We put in 7%. The employer has put 7% in the pension fund. With it all, there's MVR 20 billion in the fund. MVR 100 million is always being deposited every year. It is a very large fund, but the way it is operated does not allow much benefit from it,” Muizz said.

"We will hopefully expand this fund. We will increase investment and increase it. At the same time, the chances of being able to use from the fund should be increased. Therefore, my government will propose amendments to the law with the assistance of parliament."

Muizz proposed the following items to be allowed to spend from the pension fund:

The PPM-PNC presidential candidate said he would propose to amend the law to allow for the three. Currently, the pension fund is used to buy apartments on loan and for Hajj. And when you retire at age 55 or 65, you get some amount.

Muizz said that after working so hard towards the end of their lives, the people are not getting the satisfaction they deserve from the funds.

"I would propose to change the law so that you don't have to wait 30-40 years and get access to the funds. You can work for 10 years and get paid in proportion to what you get. So, I will propose to change the law to make the funds accessible at least after 10 years," Muizz explained.