April 23, 2008 (LBO) – Sri Lanka’s Ceylinco Life is lunching a month long campaign in May to promote retirement planning, as knowledge about the process is poor and penetration is low, the company said in a statement.
Ceylinco says despite an aging population, Sri Lanka’s penetration level of retirement planning is even lower than life insurance which is a mere 8.7 percent.
“The penetration of retirement planning in Sri Lanka is even lower than that of life insurance, even though the population is ageing, Ceylinco Life’s chief executive director, R. Renganathan was quoted as saying in the statement.
“We believe greater public awareness about the need for retirement planning is urgently needed.”
Statistics of the University of Colombo forecast that Sri Lanka’s population over 60 years of age will increase from 2.8 million in 2011 to 4.0 million by 2021.
Demographers say it has taken only twenty years for the population over 60 years to double in Sri Lanka when compared to countries like France that have taken nearly hundred and twenty years.
An aging population brings along economic implications like retirement benefits on employers and amendments in retirement age.