Nov 02, 2016 (LBO) – Sri Lanka’s government will implement a new pension scheme for migrant workers with effect from January next year, a cabinet decision showed.
The cabinet has decided to withdraw 2 billion rupees from the Kuwait Fund of Sri Lanka Bureau of Foreign Employment as the initial capital requirement for the scheme.
Legal draftsman is to draft an act for this purpose and also to amend the Act for Sri Lanka Bureau of Foreign Employment accordingly.
The recommendations follow a committee report of a proposed pension scheme for migrant workers.
The committee comprised of representation from Foreign Employment, Treasury, Pension Department, Central Bank and Association of Licensed Foreign Employment Agencies.