Newspaper reports say that the pension scheme will benefit 2 million employees. It is planned to be introduced in the next budget.
Minister Gamini Lokuge has initiated discussions with Trade Union representatives and the private sector. The employees who have contributed for the Employees Provident Fund for 10 years continuously will be eligible to apply for the pension scheme.
Under this pension scheme an employee who has drawn a salary of 10,000 rupees will be able entitled to a pension of 3,000 rupees.