Maldives Pension Spending Sees Steady Rise in 2024

Government spending on pensions in the Maldives reached approximately USD 116.7 million in 2024, marking a 6 percent increase from the USD 110.2 million spent in 2023, according to data from the National Bureau of Statistics.

The rise was reflected across all major pension programs. Retirement pensions alone amounted to USD 10.7 million last year, up 13 percent from USD 9.47 million the year before.
Data from the Pension Administration Office shows women made up the majority of retirement pension recipients. Payments to female beneficiaries grew to around USD 2.46 million in 2024, up from USD 1.75 million in 2023. Male recipients received USD 8.17 million, slightly up from USD 7.65 million the previous year.

These payouts fall under the Maldives Retirement Pension Scheme (MRPS), which is a defined contribution plan requiring employer and employee contributions, governed by the Pension Act.
Spending on the Old-Age Basic Pension Scheme also increased to USD 84.3 million in 2024, a 7 percent rise from the USD 77.8 million disbursed in 2023. This scheme supports individuals aged 65 and older who are either not employed or lack sufficient retirement savings.
An additional USD 23.6 million was allocated to other pension-related expenses, slightly up from USD 23.2 million the year before.

The latest figures reflect the growing financial support required for an aging population and underline the continued significance of pension programs in national spending.