Tuesday, May 21, 2024
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Introduction of Contributory Pension Scheme for State Sector Employees announced

State Minister of Social Empowerment, Anupa Pasqual, has revealed plans to introduce a new pension scheme in the future, aimed at reducing the burden on the country’s finances. The proposed scheme will be a contributory pension system for state sector employees, with both employers and employees making contributions.

Under the forthcoming pension scheme, the government intends to implement a funding model where employers contribute 12% of the employee’s salary, while employees themselves contribute 8%. This balanced approach aims to ensure that the financial responsibilities are shared, making the scheme sustainable in the long run.

Speaking to the media in Kalutara, State Minister Anupa Pasqual emphasized that the introduction of a contributory pension system has been successfully implemented by numerous countries around the world. The scheme has proven to be an effective solution for managing pension funds and ensuring the financial stability of retirees.

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