Retirement age now 57

The retirement age of employees in state enterprises has been increased to 57 years from 55. Treasury Secretary Dr. P.B.Jayasundera said the directive is effective from May 1, 2011.

Dr Jayasundera

He said that the circular has been released to ministries’ Secretaries and state institution chairmen.

The previous circulars issued regarding the retirement age of state sector employees have been invalidated with the issuance of the new circular.

Employees in state institutions could serve until the age of 57 years without requesting for a service extension.

Dr Jayasundera said that, however, this rule applies only to employees in state bodies whose retirement age has been specifically determined through a Parliamentary Act. State employees who reach 55 years are also permitted to retire voluntarily.

In such instances, they are entitled to receive the benefits of the Employees Provident Fund and the Employees Trust Fund. The Treasury circular also pointed out that in the event of an employee requesting to serve until the age of 60, the Board of Administration of the institution has the authority to accede to this request taking into consideration the service requirements of the institution and the employee’s service performance.

The circular has also pointed out that it is the responsibility of the administration to fill the vacancies appropriately on retirement of officials belonging to higher management grades. www.news.lk