‘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.