Public Pension

Feb 10 (LBO) – The Social Services Ministry is targeting self-employed and others currently not covered by pensions, to subscribe to a little known state-run pension scheme, a top official said. Run by the Social Security Board, the pension scheme was set up as an Act of Parliament in 1996. The scheme has around 126,000 members and an asset base of Rs. 191 million invested entirely in government securities.


Members can draw their monies either when they are disabled or a monthly payment after retirement.


The scheme however, will not draw an interest, but Board officials said members drawing the pension would get bonus payments to coincide with the island’s major festive seasons.


Secretary to the Ministry of Social Service and Social Welfare V Jegarasasingham said that the pension scheme would target the over five million self-employed, family employed and expatriate workers in Sri Lanka.


Premiums paid out are flexible and will depend on the monthly payment each member expects at retirement.


The Board is also promoting a one-off premium payment option, especially targeted at the expatriate labour force.


Jegarasasingham said the state backed pension scheme wa