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Last Updated : 2024-05-12 22:13:00
28 February 2023 03:20 pm - 5 - {{hitsCtrl.values.hits}}
The cabinet has decided to establish a ‘National Contributory Pension Fund’ (NCPF) to cover pension costs of employees who will join the public service in the future, Cabinet Spokesman Minister Bandula Gunawardana said today.
Accordingly, 8% from the basic salary of the employee and 12% from the employer should be credited to the proposed fund when a state employee is recruited in the state service.
“The government has suspended new recruitments to the public service and the newly recruited public servants will come under the NCPF, ” he added.
It has been recognized appropriate to establish a fund named National Contributory Pension Fund to ensure an appropriate environment to spend their pension life without being a burden to the country as well as to provide a pension with a certain profit for the pension life of the state sector pensioners.
An independent establishment governed by the management board to manage the proposed contributory pension fund will be initiated and a fund manager with special skills will be appointed for the management of the funds.
The proposed national contributory pension scheme will be applicable to the individuals newly recruited to the government service.(Sandun A Jayasekera)
Ram Tuesday, 28 February 2023 03:31 PM
Let us hope the same system will apply to Parliamentarians and President
sam Tuesday, 28 February 2023 03:33 PM
This should have been done decades ago. It should be extended to all working people and also replace the EPF.
Ram Tuesday, 28 February 2023 03:33 PM
This is similar to EPF with a different name. EPF is one of the biggest funds today
Dr. Thomas Tuesday, 28 February 2023 08:31 PM
All employees, whether working in the state or private sector could contribute a percentage of their monthly income to a National Elders Pension Fund which would pay current pensioners (over 65/66/67 .. yrs of age, men
Buddhist Tuesday, 28 February 2023 10:22 PM
Rather than doing this to curtail Govt expenditure, the Govt can get rid of all State Ministers and reduce the size of the cabinet. In addition security given to VIPs also can be reduced to save money.
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