New Pension scheme, Govt ready with draft

26 December 2016 07:23 am - 12 - {{hitsCtrl.values.hits}}

A A A

The Public Administration Ministry had drafted the bill for the introduction of a new pension scheme for Public Servants and had submitted to President Maitripala Sirisena and Prime Minister Ranil Wickremesinghe for consideration, a Minister said yesterday.

The bill, if enacted, will provide for the establishment of a contributory pension fund for public servants joining the service in future.

Subject Minister Ranjith Madduma Bandara told the Daily Mirror yesterday the proposed ‘National Pension Bill’ had been drafted at the moment to introduce a contributory pension scheme.

“There is no Parliamentary law governing pension at the moment. We have only a minute,” he said.

“We will now enact legislation to create a fund. Similar funds exist in countries such as Japan, India and Europe. We studied all such models and worked out our own system. Ours contains features taken from all,” he said.

The Minister said Rs. 1 billion had been allocated in the budget for it.

“Alongside, we will get another Rs.3-4 billion from a separate fund. Then, we can start the fund with Rs. 5 billion. In Japan, the pension fund contains as much as Yen 71 trillion,” he said.

The Ministry is planning to hold talks with the trade union sector soon about the new bill.(Kelum Bandara)

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 12

Laljee/Qatar Monday, 26 December 2016 09:10 AM

Since the independence all srilankan government's were worried about 1.5 million government employees.They not only enjoy all benefits but also habit of going on strike's to demand more and more benefits thus creating problems to the masses.Can somebody educate the public thru this esteemed news page what will happen to the 1.6 million middle east employees when they get kicked out of the service ? What social security do they have ?

Shelly. Monday, 26 December 2016 09:17 AM

Good or bad we are against it because Mahinda mama had no opportunity introduce same. via DM Android App

ceylonese Monday, 26 December 2016 10:29 AM

make a system to have pension fund for all citizens from the birth to death which government deduct 5% from their whatever income compasary to this fund and pay them back monthly basis from their age 60.this safety net help all citizens during their most needy time of life. via DM Android App

R.Sunthar Monday, 26 December 2016 10:34 AM

With the proliferation of nuclear families old age pension or dole or whatever it may be called ,not only public servants almost all the senior citizens may qualify for some sort of regular payment to save them from starvation ,demeaning beggary or other forms of deprivations and ignominious demise if the state becomes conscious only of its cost benefit equation and not its duty beyond that.

Jude Monday, 26 December 2016 11:06 AM

Long overdue,!!!??? Hey, better late than never!!??? And who cares about how much Japan got in their pension fund!!??? Why!?? Going to borrow from that fund!! Ahhhh!!???

Ahmed Monday, 26 December 2016 01:03 PM

Excellent

Pf Monday, 26 December 2016 01:47 PM

Pension is a national need for senior citizens of this countrynot only the public sector. via DM Android App

Sena Monday, 26 December 2016 02:05 PM

Im a government servant and this is good. Every one should contribute to their pension fund. It is unethical to retire on poor tax payers money. via DM Android App

Bandula Monday, 26 December 2016 03:59 PM

Why not make contributory pension scheme for parliamentarians too.

DJ Monday, 26 December 2016 10:36 PM

Wonder from which fund the 3 to 4 billion rupees is to be borrowed! or robbed. EPF/ETF here we go again

jegan Tuesday, 27 December 2016 12:55 AM

why a Pension scheme only for gov servant why not for private sector employee?

jay ranaweera Tuesday, 27 December 2016 01:18 AM

All the Govt Servants had to serve the Govt for 20 yrs to qualify them for PENSION.BUT THE ROGUES MPs AFTER % YRS GET THE FULL PA AS THEIR PENSION;;; IS THIS CORRECT??????

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

New Pension scheme, Govt ready with draft

Comments - 12

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Two racing drivers arrested over Fox Hill tragedy

Ranil Wickremesinghe caravan moves on despite barking dogs

Street food vendor arrested for verbally harassing foreigner

Former MP Palitha Thewarapperuma dies from electrocution

New Visa procedure implemented

SL on alert on possible genocide allegations by Canada

MIRROR CRICKET

TODAY'S HEADLINES