The People's Majlis today passed an amendment to the Pension Act allowing individuals to withdraw their pension funds in cases where a specialist doctor determines that it is unlikely for them to survive for longer than twelve months.

The bill, submitted on behalf of the government by PNC member for Milandhoo constituency Hassan Mufeed, was passed with 61 votes in favor out of the 72 members present at today's sitting. Eight members from the opposition MDP voted against the bill.

Regarding the conditions for releasing funds from the Retirement Savings Account, the bill states that if a participant of the pension scheme requests the release of funds while in a state of terminal illness, the money accumulated in their account can be released to them.

The bill defines "terminal illness" as a medical condition where, despite receiving appropriate medical treatment, a specialist doctor in the relevant field determines that it is unlikely the individual will survive for a period exceeding 12 months.

Among the clauses added to the law is a provision allowing individuals to request the release of pension funds while seeking treatment for a major illness, even if they have not yet reached the retirement age.

The amendment specifies that there will be no obstacle to releasing these funds either in installments or as a lump sum upon request. Additionally, it proposes that the Old-Age Basic Pension will not be provided to those who receive an income higher than the amount allocated for the basic pension.

Furthermore, the bill includes a provision allowing pension fund money to be used to reserve slots for Hajj pilgrimage in advance.

It also proposes that if 20% of the price required by the Hajj Corporation for the pilgrimage is paid, the remaining 80% can be settled using funds from the individual's pension account.