All workers will be entitled to a pension with effect from the 1st of May. Finance Secretary Dr. P.B. Jayasundara said it would be a significant revolution which would be taking place in the country after the launch of the Employees Provident Fund in 1957. The Finance Secretary was speaking at a discussion with bank employees.
The Finance Secretary said the required decision to grant a pension for the banking, state corporations and the private sector and another pension scheme for migrant workers while another pension fund for the self employed has been taken to ensure a safe life for all sectors after they complete their period of service. It was a proposal made in the 2011 Budget. He described this as a major revolution after the launch of the Employees Provident Fund in 1957. He was optimistic that the world would study this programme and how such a scheme should be implemented on behalf of the aging population.