November 24, Colombo (LNW): Sri Lankan authorities have rolled out a revamped pension initiative designed to offer stronger financial security to those who make their livelihood at sea.
The Fishermen’s Pension Scheme, announced by the Agricultural and Agrarian Insurance Board, aims to provide long-term stability for workers in a profession often marked by unpredictable earnings and significant personal risk.
Under the new arrangement, fishers who keep up with their premium payments are entitled to a regular pension once they reach 60 years of age. Even those who have managed to contribute only three-quarters of the required amount will still qualify for a modest monthly income linked to their contributions, ensuring they are not left without support in later life.
Participants who have paid between a quarter and three-quarters of their required total can reclaim their full contributions, along with the appropriate interest.
The scheme also includes a range of protections for unforeseen circumstances. Individuals who suffer disabilities before reaching pensionable age may receive either a gratuity or a pension once they become eligible, depending on the nature of the condition.
In cases of permanent disability, a payment of up to Rs. 50,000 may be granted, either in one go or spread out over several instalments.
Family members are similarly safeguarded. If a contributor dies in an accident before qualifying for their pension, the nominated heir can claim the accumulated payments, plus interest, after a year. Should a pensioner pass away while receiving benefits, their spouse may continue collecting the monthly payment until turning 80, or opt for the remainder as a lump-sum settlement. Lapsed contributors, meanwhile, can reactivate their membership by settling overdue premiums and interest.
Unveiled at the Lotus Tower in Colombo on the 22nd, the scheme was introduced under the auspices of Minister Lal Kantha, who noted that the programme is intended to give coastal communities a greater sense of financial assurance amid the challenges of a demanding profession.
