The Old Age Basic Pension Scheme (BP) is an essential pillar of the Maldives Pension System, established under the Pension Act of Maldives. It acts as a safety net, extending financial support to senior citizens who may lack adequate retirement savings.
Eligibility for BP is determined based on the criteria outlined in the Pension Act. While the standard monthly BP amount is set at MVR 5000, adjustments are made to account for income received from other pension programs, such as the Maldives Retirement Pension Scheme and other state-funded pensions.
BP payments are distributed on a monthly basis. Individuals seeking to receive BP must submit an application, which can be submitted six months prior to reaching the pensionable age (65 years) or at any time afterward. For those applying after reaching pensionable age, payments will begin from the month the application is received, with no provision for retroactive payments.