Maldives Pension Expenditure Reaches MVR 1.8 Billion in 2024, Up 7%

The National Statistics Bureau (NSB) reported that the Maldives spent MVR 1.8 billion on pensions in 2024, marking a 7% increase from the MVR 1.7 billion disbursed in 2023. The data highlights the government’s continued commitment to supporting retirees through various pension schemes.

Of the total expenditure, MVR 165 million was allocated to retirement pensions, a 13% rise from the MVR 146 million disbursed in 2023. This amount was distributed with MVR 126 million paid to men and MVR 38 million to women. The basic pension scheme accounted for MVR 1.3 billion, also reflecting a 7% increase compared to 2023, with MVR 638 million disbursed to women and MVR 635 million to men.

Other pension schemes incurred costs of MVR 364 million in 2024, a slight increase from the MVR 358 million spent in 2023. The Maldives Retirement Pension Scheme (MRPS), established under the Maldives Pension Act, operates as a defined contribution plan where both employers and employees make fixed contributions, which are invested to fund retirement benefits.

The NSB’s statistics underscore the growing financial demands of the Maldives’ pension system, driven by an aging population and expanded coverage, as the government seeks to ensure financial security for retirees across the nation.