Pension scheme for private sector

Anura PREMALAL

The Government is planning to unveil a pension scheme for private sector workers. Plans are afoot to set up a Rs six billion fund for this purpose.

Labour Relations and Productivity Promotions Minister Gamini Lokuge said he would present a set of proposals in this regard at the next Cabinet deliberations.

The Minister is in a dialogue with relevant private sector institution heads and union leaders, in this regard.Employees who have contributed to the Employees Provident Fund continuously for of at least 10 years would be eligible for the scheme.

The Minister believes that an employee receiving a salary of Rs 10,000 a month at present would be eligible for a monthly pension of Rs 3,000. Around two million employees are working at private institutions on permanent basis and another five million on a non-permanent capacity.