New flexible pension scheme launched for fishermen

By Mangala Pavithrani

Colombo, Jan. 21 (Daily Mirror) - The Department of Fisheries and Aquatic Resources, in collaboration with the Agricultural and Agrarian Insurance Board (AAIB), has introduced a new high-pension benefit scheme aimed at enhancing financial security for fishermen.

The AAIB said the Fishermen’s Pension Scheme offers flexibility, allowing contributors to select monthly pension amounts based on their financial capacity and personal preference. After the age of 60, participants can choose contributions of Rs. 5,000, Rs. 10,000, Rs. 15,000, Rs. 20,000, Rs. 25,000 or more.

A key feature of the scheme is its progressive pension structure. For example, a fisherman contributing Rs. 1,000 per month will receive Rs. 1,250 between ages 64 and 70, Rs. 2,000 between 71 and 77, and Rs. 5,000 after age 78.

The scheme also ensures that benefits are payable to nominees or family members in the event of the contributor’s death. Individuals engaged in fishing and related occupations are eligible to join.

The AAIB said that the initiative is designed to provide long-term financial stability for fishermen and their families during retirement.