New pension scheme to be introduced

State Minister of Social Empowerment Anupa Pasqual has revealed that a new pension scheme will be introduced in the future.

Accordingly, a contributory pension scheme is to be introduced by the government for state sector employees, in a bid to reduce the burden on the country’s finances.

The novel scheme will be funded by both the employer and the employee, with the former contributing 12% and the latter 8%.

Speaking to the media in Kalutara on the matter, Pasqual explained that such a system has been proven successful by many countries in the world.