Govt to allocate Rs. 1,000 million:

Progressive TUs hail private sector pension scheme

by L.S. Ananda WEDAARACHCHI

All progressive trade unions support the proposed private sector pension scheme, which is by no means detrimental to private sector employees, said National Languages and Social Integration Minister Vasudeva Nanayakkara.

He said that the pension scheme is another salutary step in the social security program for the working class which was introduced in 1956.

President Mahinda Rajapaksa reactivated the social security program which suffered a setback in 1977.

The proposed pension scheme benefits private sector employees, he said.

Private sector employees could draw an adequate pension in addition to EPF and ETF benefits under the proposed scheme. Even if an employee had worked under various employers for 10 years he is still entitled to a pension, he said.

The Minister said that the Government had decided to allocate Rs. 1,000 million for the proposed Pension Fund and therefore, there is no need for anyone to worry about the safety of the fund.

Sri Lanka Nidahas Sevaka Sangamaya (SLNSS) Secretary General Leslie Devendra said that the private sector pension scheme is a tangible step taken by the government.

‘As leaders of the working class it is our responsibility to support the Government to implement this progressive scheme. We have highlighted some shortcomings in the proposed scheme.

The Finance Ministry has agreed to extend the pension benefits until the beneficiary’s death, he said. The SLNSS has organised a seminar on the proposed pension scheme on Thursday, May 26 at 3 p.m. at the Sri Lanka Foundation Institute. Labour Minister Gamini Lokuge. Treasury Secretary Dr. P.B. Jayasundera and Labour Commissioner Upali Wijeweera will address the seminar, he said.