‘Draw up a mechanism to face challenge’:
National Social Security System vital for elders
Sanjeevi JAYASURIYA
Sri Lanka needs a National Social Security System to ensure the
welfare of the elderly population which is expected to be 25 percent of
the total population by 2025.
It is necessary to strategically plan and draw up a mechanism to face
this challenge as people’s lifestyles have changed rapidly over the
years. The country will face the elderly care problem in the near
future, University of Colombo Department of Business Economics, Faculty
of Management and Finance, Prof. H.D. Karunaratne told Daily News
Business.
The country needs a proper uniformed system as in Japan where every
person over 18 years contributes to the welfare of the elders. It is
opportune to introduce a tax - one percent from the total earnings when
salaries are increased to meet the need of a fund for the benefit of
elders, he said.
The country has a working population of over eight million. The
public sector is the most secure as it has a pension scheme.
The formal private sector too enjoys the benefits of ETF and EPF
though this is not a continuous process.
The informal sector has a serious issue of social security as there
is no compulsory future savings involved, he said.
This is where a nationwide security system is important. It is also
vital to set up hospitals which are geared to cater to elders’ needs and
train doctors to treat the elderly population. Government Medical
Colleges should pay attention to incorporate these trends in their
curricula.
The country’s health budget will also increase due to the cost of
drugs and medical attention needed by the elders. It will also be
necessary to have facilities for elderly people to suit their needs, he
said.
The country needs to formulate a proper plan on this issue and
policy-makers should assess the situation before it is too late.
We looked after our elders in the past as it was a part of our rich
culture. However, with the changing lifestyles and busy schedules it is
no longer a possible task, he said.
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