Finance Secretary Dr. P.B. Jayasundera has emphasized that under the proposed pension scheme for the private sector, pensions will be granted in addition to the Employees Provident Fund and the Employees Trust Fund.
Dr. Jayasundera said a Pensions Fund would exist, in addition to the Employees Provident Fund, the Employees Trust Fund and the Gratuity. The Bill has been crafted so that the worker on retirement would receive these benefits in addition to the pension until his death. Then employer’s contribution is to permit to cut two percent of the salary for this Fund. At the same time the worker is also bound to contribute two percent. The Finance Secretary added that if any worker is averse to contributing 200 rupees, the employer would benefit as he would not have to contribute 200 rupees.