Pension scheme for private sector employees underway

COLOMBO (News 1st); Minister of Labor, Nimal Siripala de Silva says that a pension scheme for private sector employees is being formulated as of now. 

Participating in the opening ceremony of the Hatton District Labor Office, the Minister pointed out that the COVID-19 crisis has shed light into the importance of a systematic social security system. 

Stating that the efforts taken by the Government to distribute Rs. 5,000 is good, the Minister said that in hindsight, the need for a proper social security system for workers, state employees and private sector employees remains a lasting question.

Therefore, the Ministry has formulated a pension scheme for private sector employees, the Minister said, mentioning that the funds for the relevant pension scheme is an issue. 

However, discussions have been initiated with the World Bank and the International Labor Organization for this, the Minister added.