Saturday, April 1, 2023

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Contributory Pension Scheme for public servants employed since 2016

By: Isuru Parakrama

Colombo (LNW): A Cabinet paper presented by President Ranil Wickremesinghe proposing a ‘National Contributory Pension Scheme’ to allocate retirement payments for the public servants employed since January, 2016 has been approved.

Accordingly, 08 per cent of the basic salary of a public servant since enrolment and 12 per cent as contribution by their employer will be credited to the Fund.

The paper also proposes the establishment of an independent body controlled by the Board of Management to manage the Fund and the appointment of a manager who is categorically qualified for the purpose.

The Cabinet, thereby, has approved the proposal by the President to advise the Legal Drafter to draft a bill to make the necessary arrangements in this regard.

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