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Sunday, 15 May 2011

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Proposed private sector pension scheme :

Treasury Secy debunks critics

The proposed private sector pension scheme has been devised to ensure the well-being of employees during their retirement. It will provide an adequate income for them said, Treasury Secretary Dr. P.B. Jayasundera. There is no truth whatever in the allegations made by some critics that the proposed private sector pension scheme interferes in the Employees’ Trust Fund (ETF) and Employees Provident Fund (EPF).

The government will not touch the ETF and EPF while giving effect to the proposed private sector pension scheme, he said. The pension scheme will be implemented with the setting up of a separate, independent fund.

‘An employee should contribute two percent while the employer should equal the same amount, he said dispelling doubts entertained by the public.

Dr. Jayasundera who participated in a SLBC radio discussion said that an employee should work at least 10 years in the private sector to be entitled to the proposed pension scheme. They will be eligible to draw their pension when they turn 60, he said. President Mahinda Rajapaksa told trade union leaders at Temple Trees recently that the shortcomings of the proposed pension scheme, if any, would be rectified.

The long-awaited pension benefits for the private sector should not be thwarted to gain political mileage or achieve private agendas, he said.

The retirement age of employees in State enterprises has been increased to 57 from 55, the Treasury Secretary said.

He said that the employees in State enterprises could serve until 57 without extensions of service.

The Board of Management of such bodies has the authority to permit employees to serve until 60 at their choice, he said.

 

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