An amendment to the Pension Act has been proposed to allow Hajj financing through pension savings accounts.
The bill was proposed in line with an announcement made by President Dr Mohamed Muizzu on 7 December, submitted by Member of Parliament Mufeed Abdul Gadir. The bill will be debated at an extraordinary session of the Parliament scheduled for 5 January.
The proposed payment structure will allow hopeful pilgrims to get waitlisted for the pilgrimage after paying 20 percent of the Hajj fee to the Maldives Hajj Corporation, and to pay the remaining 80 percent from their pension savings.
If pension funds were previously utilised for a housing down payment, the amount will be deducted when calculating available funds for Hajj.
The bill outlines eligibility and savings requirements, stating that only those who have not previously performed Hajj, and have accumulated enough pension savings for a monthly payout of at least USD 130 at pension age, are eligible for Hajj financing.
According to the bill, pension funds can be utilised for Hajj financing even after reaching pensionable age. If a person uses part of their pension funds to pay for Hajj, that amount will be deducted, while the remaining funds stay in their pension account.