Old age pensions

The new Maldives Pension Act introduces two types of pension, namely the Maldives Old-Age Basic Pension (MOABP) and the Maldives Retirement Pension Scheme (MRPS). MOABP provides a pension to all who are 65 years of age or above and whose other pension income does not exceed twice the amount of MOABP pension. The initial pension level is set at 2,000 rufiyaa (about US$156) per month, which will be periodically reviewed. It is non-contributory, and financed by the government budget, whilst MRPS is a fully funded and defined contribution scheme. All employees aged between 16 and 65 shall participate but it is voluntary for the self-employed. MRPS will also apply to expatriate employees, who constitute a considerable proportion of the workforce in the country.

Before the implementation of this Pension Act, only public sector employees had the privilege of being covered - under two pension systems, namely the Civil Service Pension (CSP) scheme and the (complementary) Government Employees’ Provident Fund (GPF). With the coming into force of the new Pension Act, the GPF was discontinued from 1 October 2009, while pension rights accrued under CSP will be converted into MRPS.
For further information regarding the Maldives Pension Act and old-age income security in the Maldives, please see Maldives Pension Act, as well as Regulation of Old-Age Basic Pensions under the Maldives Pension Law and Regulation On Participation in and Contributions to the Maldives Retirement Pension Scheme.

Social security schemes and programs by branch