Cabinet approves establishment of National Contributory Pension Fund

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Sri Lanka’s cabinet of ministers has granted approval to establish a National Contributory Pension Fund for new public service employees.

The National Contributory Pension Fund applicable for those who have joined the public service after January 2016 with an 8% contribution from the employee and 12% from the employer.

The proposed National Contributory Pension scheme will be applicable to employees recruited into the public service after January 2016 since their letters of appointment provide that they will be entitled to a pension scheme decided by the government.

Thus, the Cabinet of Ministers has approved the proposal presented by the President to instruct the draughtsman to prepare a bill to make necessary arrangements to establish the National Contributory Pension Fund.