Small Start

A gazette notification spelling out the government
quote s decision will be announced in August, Treasury sources said.

rnrnHowever, broader pension reforms like allowing members flexibility to chose their own pension fund would come through next year via a new Superannuation Act. Some of the upcoming changes include issuing a bond for existing EPF holders if they wish to invest in private pension funds, a unique number in the lines of the national identity card be used for superannuation contributions and so on.

rnrnA top level committee headed by Ceylon Chamber of Commerce and Eagle Insurance chief Chandra Jayaratne is now looking at several global models including the successful Chilean government
quote s pension reforms.

rnrnThe team has already presented some of its ideas to the Financial Reforms committee headed by Central Bank Governor A S Jayawardene.

rnrnDespite a lot of work going into the present draft Superannuation bill, the Jayaratne committee is to draft a new bill and have it ready for