New pension scheme for Sri Lankan migrant workers

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.
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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.
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Legal draftsman is to draft an act for this purpose and also to amend the Act for Sri Lanka Bureau of Foreign Employment accordingly.
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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.
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