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Proposed Pension Scheme will not deny benefits

May 24, 2011 10:30:44 AM - itnnews.lk

The Government has emphasized that the proposed Pension Scheme will not deny any benefit so far enjoyed by the private sector.

A release issued by the Information Department says that the Government is implementing the scheme for the future security of the retired employees. The monthly salary deductions for EPF will be continuously credited to the account of the Employee. At the time of retirement the employee will be eligible to draw the EPF funds as usual. In addition they will be eligible to draw funds from ETF. At the time of retirement 2% percent from the EPF will be deducted for the pension scheme. Therefore all employees have the opportunity to receive a pension when they complete 60 years in addition to all benefits enjoyed by them. The employees have to contribute for the pension scheme at least for 10 years. For an employee who has contributed for the scheme for 10 to 20 years will receive 15% of his salary while those who have contributed for 20 – 30 years will receive 30% of his salary. Those have contributed for more than 30 years will receive 60% of his salary. The beneficiaries of the pension scheme will be eligible to deposit the EPF as security in obtaining loans and student aid connected to ETF amongst other benefits. It is being considered to amend the act to transfer the pension to the children and the spouse following the death of the beneficiary. The Government has launched the programme to provide better retirement benefits to the private sector employees. The Government has requested the public not to be duped by the elements that spread false propaganda in this connection.