Committee appointed on private sector retirement age
December 23, 2020 03:47 pm
A committee headed by the Commissioner of Labor has been appointed to draft legislation to extend the retirement age of private-sector employees to 60 years.
Minister of Labor Nimal Siripala de Silva expressing his views to the media today (23) said that the employers’ union and the trade union leaders should come to a resolution on the matter within a week.
The Minister said that he had discussed the issue of extending the retirement age before the National Labor Advisory Council and that the trade union leaders had agreed to extend the retirement age.
However, the Minister said that if an employee wants to retire at the age of 55, he should be allowed to do so and should be given the right to receive the Employees’ Provident Fund (EPF).
He added that there is no objection to receiving the provident fund when retiring after 60 years.
The employers’ association said while there is no objection to this in principle, there would be many issues if such a law was enforced.
They point out that there will be many issued in productivity and that individuals with illnesses should not be forced to work until 60 years old.
