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Wednesday October 20th, 2021
Business

Cabinet nod for bill extending Sri Lanka’s private sector retirement age to 60

Labour Minister Nimal Siripala De Silva

ECONOMYNEXT – Sri Lanka’s cabinet of ministers has approved a draft a bill to extend the retirement age in the private sector to 60 years, co-cabinet spokesman and Media Minister Dullas Alahapperuma said.

The bill, originally proposed in March this year, has been further discussed by a Committee on Study on Policy or Legal Matters Affecting the Business Sector chaired by Prime Minister Mahinda Rajapaksa, the Government Information Department said in a statement on Tuesday (12).

“The bill has been prepared by including provisions to extend the retirement age to 60 years with respect to employees who have not attained the age of 52 years on the effective date of the proposed Act, and in the case of employees aged 52 years or above on the effective date of the proposed Act to employ them under three age groups up to a maximum age of 59 years,” the statement said.

The cabinet has approved the proposal by Labour Minister Nimal Siripala de Silva to present the draft bill in parliament.

Minister Alahapperuma said the decision was reached taking into account increased life expectancy in Sri Lanka, among other factors. (Colombo/Oct12/2021)

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