Forced Saving

Apr 23, 2011 (LBO) – Chandra Jayaratne, respected retired Sri Lankan business executive, and financial professional, has written President Mahinda Rajapaksa to stop state plans to build a controversial pension fund by dipping into the salaries of private sector workers.

The full text of the letter is as follows.

22nd April 2011.

His Excellency Mahinda Rajapaksa,
The President and Minister of Finance & Planning,
Temple Trees,
Colombo 3.

Your Excellency,

A Public Interest Critique on the Bill to Establish an Employees’ Pension Benefits Fund

Having received today, a copy of the Bill to Establish an Employees’ Pension Benefits Fund, I hasten to address you in the above regard by this open letter, as I understand that the relevant bill inter alia is to be debated in Parliament and adopted on the 27th April 2011 and made effective from the May Day 2011.

In the interest of all stakeholders of the proposed bill, (including but not limited to, the Government, Employees, Employers, Labour Unions, Chambers of Commerce/Employers Federations, Foreign and Local Investors, Multi-lateral Agencies and the Society at Large,) I appeal to Your Excellency not to proceed with the enactment of the above bill, until such time a