Pensions for Lankan workers in Korea

by Ananda KANNANGARA

Over 14,000 Sri Lankan migrant workers employed in Korea will be entitled to pension benefits on their return to Sri Lanka, a spokesman for the Sri Lanka Bureau of Foreign Employment (SLBFE) said.

Sri Lankan workers who had not received the final pension benefits at retirement in Korea will be paid Rs. 250,000-Rs. 300,000 by the Korean Pension Department under the pension scheme initiated by the Korean Government following discussions with Foreign Employment Promotion and Welfare Minister Dilan Perera.

According to Korean Labour Rules, workers who had worked three to four years are entitled to pension benefits at retirement. The pension is somewhat similar to the Local Employees' Provident Fund (EPF).

SLBFE, Chairman Kingsly Ranawaka told the Sunday Observer that according to the Memorandum of Understanding (MoU), signed with the Korean Pensions Department, the Government of Korea has agreed to provide the details of Sri Lankan workers employed in that country and returned without receiving pension benefits. The Minister said that the pension scheme will also benefit over 20,000 Sri Lankan workers employed in Korea.

Ministry Secretary Nissanka Wijeratna signed the MoU on behalf of Sri Lanka, while the Director General of Korean Pensions Department Bae Seong Hoon signed on behalf of Korean Government.