Pension payments exceeded MVR 170 million in May 2026, benefiting nearly 37,000 people through a combination of state-funded pension schemes and the contributory Maldives Retirement Pension Scheme (MRPS), according to the latest figures released by the Maldives Pension Office.
The figures show total payouts of more than MVR 170 million across four major pension and retirement benefit programmes during the month.
The largest share came from the Basic Pension scheme, which distributed more than MVR 126 million to 26,798 beneficiaries. Funded by the state, the scheme aims to alleviate old-age poverty among senior citizens.
Meanwhile, the Maldives Retirement Pension Scheme paid more than MVR 13 million to 2,651 beneficiaries. The contributory scheme is funded through pension savings and is designed to provide an income replacement of up to 50 per cent upon retirement.
The government also paid more than MVR 27 million in retirement benefits to 4,894 state employees under the state-funded retirement benefits scheme.
In addition, more than MVR 4 million was disbursed through long-term service pensions and allowances, benefiting 2,253 recipients.
The latest payout figures come as the government moves forward with reforms to the national pension system.
In May, the Maldives Pension Administrative Office amended the Regulation on Basic Pension for Older Persons to suspend basic pension payments to individuals employed by the state or state institutions under the Re-Employment Act.
Last week, President Dr Mohamed Muizzu ratified the sixth amendment to the Maldives Pension Act, introducing changes aimed at expanding access to pension savings and strengthening the administration of the pension system.
The amendment allows pension funds to be used as collateral for housing loans and permits withdrawals for terminal illness treatment and Hajj expenses. It also revises the principles governing the Basic Pension scheme and includes measures intended to improve the overall structure of the national pension framework.
