DailyMirror.lk:
President Mahinda Rajapaksa yesterday allayed fears on moves to establish a pension fund for the private sector utilizing EPF and ETF benefits and gratuities of the private sector and semi government employees,
and sanctioned the setting up of three separate pension funds.
Accordingly, three separate funds – The Employees’ Pensions Benefit Fund, The Expatriate Employees’ Pensions Fund and The Self Employees Pensions Fund will be set up to cover the three categories of employees for pension benefits, a spokesman for the Presidential Secretariat said.
President Rajapaksa’s approval came following discussions held at Temple Trees with Trade Union representatives on the controversial Private Pensions scheme proposed by the Labour Ministry.
President Rajapaksa expressed satisfaction over the possibility of implementing a pension scheme for all those who were not entitled to a pension on retirement. They included those employed in semi government or private sector and the self employed.
President Rajapaksa has pointed out that the demand for pensions for all has been on the rise with the increase of life expectancy in the country. Therefore, the government is under obligation to ensure the wellbeing of the employees and their family members after retirement of the bread winner, the spokesman said.
Treasury Secretary Dr. P.B.Jayasundara who assisted the President at the discussions said the 2002 – 2003 government suspended pension benefits and pruned recruitments to the public service. Pension benefits are extremely necessary in a country where the number of aged people is on the rise, he said.
The TU representatives appreciated the decision of the government to expedite the creation of pension benefits to all those who are not entitled to pensions right now including the private and the semi government sector and the self- employed.
It was also decided at the discussion to present the private and semi government pensions Bill as early as possible after further consultation with the Labour Minister and the Attorney General.
President Rajapaksa was also assisted by Ministers Sarath Amunugama, W.D.J. Seneviratne, Basil Rajapaksa, Wimal Weerawansa, Anura Priyadharshana Yapa, Gamini Lokuge, Dilan Perera and Deputy Minister Geetanjana Gunawardana,.