Sri Lanka Government to introduce pension system for EPF holders
The Government of Sri Lanka is planning a new system to allow private sector employees to receive their Employees’ Provident Fund (EPF) as a monthly pension instead of a one-time payment, Deputy Minister of Labour Mahinda Jayasinghe told Parliament today (January 06).
Answering a question in Parliament, Jayasinghe said the EPF was introduced to ensure the social security of employees after retirement. However, he noted that when private sector employees receive the EPF as a single lump sum, their long-term financial security can be at risk.
He explained that the government has therefore focused attention on creating a mechanism similar to a pension scheme. Under such a system, private sector employees who are entitled to the EPF would receive regular payments throughout their retirement period.
Jayasinghe said this approach would help protect the social security of private sector workers and ensure a steady income after they retire, rather than relying on a one-time EPF payment.
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