Time to rethink pension system : Minister Ravindra Samaraweera

COLOMBO (News 1st): Non-Cabinet Minister of Labour & Trade Union Relations Ravindra Samaraweera said that  "the time has come to rethink about the pension system in our country." According to Samaraweera, the World Bank and IMF representatives had "warned" that if Sri Lanka continued with the current pension system, the pension fund will diminish to zero by 2025. The Minister said: "We cannot say that an individual who retires at the age of 60 will only receive a pension until the age of 90. Even after his death, his wife will receive his pension. The pension fund will remain, however, we must further strengthen it." The minister expressed these views while addressing an event to celebrate the 38th anniversary of the Employees' Trust Fund Board.