Three Funds will be launched to provide pensions for public sector Corporations and the Private Sector. President Rajapaksa said he is upbeat about the possibility of implementing this proposal within one year.
These details were revealed during a discussion between the President and Trade Union representatives on the proposed Pensions Fund Bill. The Employees Pensions Benefit Fund, the Foreign Employees Fund and the Self Employers Pensions Benefit Fund are the Funds. It has been proposed to launch an Employees Pensions Fund based on the a pledge given in the Mahinda Chinthana Extended Version for the payment of pensions to all employees in the Public and Private Sectors who are so far not entitled to this right.
The President said this is a realization of a long time dream of private sector employees. The number of pensioners has soared with the increase in life expectancy of Sri Lakans. Pointing that it was the obligation to look after them, the President opined that the pension would be strength for the pensioners not to be a burden to their families. Finance Secretary Dr. P.B. Jayasundera made a detailed clarification of the proposed pension scheme. He reminisced how the Government revoked the pension benefits in the year 2002 and 2003 and suspended recruitments to the public sector.
Trade Union representatives commended the President for the immediate measures taken to grant a pension to private sector employees. Agreement was reached to present a bill in Parliament soon after further discussions between the Labour Minister and the Legal sector. Many Parliamentarians were also present.