Daily News Online
   

Monday, 30 May 2011

Home

 | SHARE MARKET  | EXCHANGE RATE  | TRADING  | OTHER PUBLICATIONS   | ARCHIVES | 

dailynews
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

‘Private pension fund no threat to employees’ benefits’

The government Thursday assured that the proposed Private Pension Fund will not be a threat to the benefits that the employees and members reap.

The contribution that the employee should be providing to the fund will be two percent of his/her gross salary while the employer’s contribution should also be a further two percent while at the time of his/her retirement, Labour and Labour Relations Minister Gamini Lokuge told a news conference at the Sri Lanka Foundation Institute auditorium Thursday.

He also said that the government would be fortifying the fund with the injection of Rs 10 billion as introductory capital while annually injecting a further Rs 500 million on an annual basis.

Accordingly, an employee would be getting 90 percent of the gratuity at retirement along with the 98 percent of the EPF and profits. He also stressed that one of the main reasons for bringing this fund was to provide a solution for the employees who take loans or advances which goes up to 75 percent of their earnings and because of the consequent difficulties that they fall in to due to the soaring expenditure of their families at the time of the retirement.

Treasury Secretary Dr P B Jayasundera said there was massive opposition to the EPF at the time that it was brought up in 1953 but it had rendered a yeoman service to the people over the years.

Sri Lanka Nidahas Sevaka Sangamaya General Secretary Leslie Devendra also said that the debate on the pension scheme also brought a debate as what the real retirement age should be when the Government employees’ retirement age being extended to 57 and there not being a clear cut age for the retirement for the private sector.

EMAIL |   PRINTABLE VIEW | FEEDBACK

Kapruka
Donate Now | defence.lk
www.apiwenuwenapi.co.uk
LANKAPUVATH - National News Agency of Sri Lanka
www.army.lk
Telecommunications Regulatory Commission of Sri Lanka (TRCSL)
www.news.lk
www.defence.lk

| News | Editorial | Business | Features | Political | Security | Sport | World | Letters | Obituaries |

Produced by Lake House Copyright © 2011 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor