Written by Pavani Hapuarachchi
11 Nov, 2021 | 5:33 pm
COLOMBO (News 1st); The Minimum Retirement Age of Workers Bill was passed in Parliament with amendments, today (11).
Accordingly, the Minimum Retirement Age in Sri Lanka has been deemed as 60 years of age.
Minister of Labour, Nimal Sripala De Silva speaking in Parliament today said that employees who are 55 years old now, can still enjoy the benefits of the Employees Provident Fund (EPF) according to their requirements, despite the minimum age of retirement being set at 60 years.
The Minister speaking at the Parliament stated that the decision was not taken to preserve funds according to the allegations leveled by the Opposition, but rather as a progressive step in accordance with the international labor regulations.
As per the new Bill, those who are aged 55-years at present can work until they are 57-years-old.
Those who are aged between 53 to 54-years will be able to work until the age of 58-years, while those aged 52-years can work until the age of 59-years.
Those aged below 52-years and new recruits will be able to work until the new retirement age of 60-years.
The Act further notes that women who are 50-years-old and men who are 55-years-old are able to retire as they wish.
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