Gov’t to Increase Elderly Allowance to MVR 7K

MV+ News Desk | September 23, 2023
Photo: MDP

The government has announced an increase in the state allowance for citizens aged 65 and above, with the new allowance set at MVR 7,000.

President Ibrahim Mohamed Solih made this announcement during a campaign event in Male’ City, highlighting the need for this adjustment due to the changing economic landscape.

President Solih emphasised that the previous allowance of MVR 5,000, established in 2008 by the first administration of the Maldivian Democratic Party (MDP), was no longer sustainable for the elderly population.

Furthermore, as part of the government’s efforts to adapt to demographic shifts and changing socio-economic conditions, President Solih also announced a change in the retirement age from 65 to 70.

Government’s decision to raise the retirement age from 65 to 70 applies to those who voluntarily wants to retire at that age. 

The allowance given to retirees would still be applicable for those aged 65. 

President Solih’s administration has been actively reviewing and updating various frameworks related to state allowances, aiming to ensure that they align with the current economic realities and adequately support the needs of the population.

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