,

Sri Lankan Cabinet Amends Pension Rights for Enhanced Clarity

by

in ,

FINANCIAL CHRONICLE – The Sri Lankan Cabinet of Ministers has revised the provisions related to the pension rights of government officers recruited after January 1, as announced by Cabinet Spokesman Nalinda Jayatissa. This decision aims to clarify uncertainties regarding their pension entitlements.

In 2026, the government aimed to implement a more suitable contributory retirement system for government employees. Consequently, appointment letters for all officers joining the government service from January 1, 2016, included a provision stating, “This appointment is pensionable. You shall be subject to a future policy decision by the government regarding the pension scheme to which you are entitled.”

However, a new pension scheme has not yet been introduced for those who joined the public service after January 1, 2016. In the 2026 budget, it was proposed to amend the pension conditions specified in the relevant appointment letters. At a recent weekly post-cabinet media briefing, Jayatissa, who also serves as the Minister of Health and Mass Media, confirmed the proposal.

This amendment ensures that individuals recruited to government services after 2016 will continue to be entitled to the existing pension scheme. The Cabinet has approved the revision of provisions to state: “These appointments are pensionable. Furthermore, you should contribute to the Widows and Orphans Pension Scheme / Widowers and Orphans Pension Scheme. You should pay contributions for the same as prescribed by the Government from time to time.” Circular instructions related to this amendment will also be issued.

(Colombo/January 20/2025)


Latest News


  • NDBIB Facilitates $40 Million Loan Syndication for Maldives Airport Development

    NDBIB Facilitates $40 Million Loan Syndication for Maldives Airport Development

    NDB Investment Bank Limited has successfully syndicated a five-year, 40 million US dollar loan for Maldives Airport Company Limited, with the deal being led by banks based in Sri Lanka. This loan is designated for financing capital expenditures related to the new passenger terminal at Velana International Airport. Hatton National Bank PLC of Sri Lanka

    Read more


  • ASPI Declines Sharply by Over 100 Points Amidst Slowing Turnover

    ASPI Declines Sharply by Over 100 Points Amidst Slowing Turnover

    The Colombo Stock Exchange (CSE) experienced a decline in trading today, with the broader market weakening amid reduced investor activity. The All Share Price Index (ASPI) fell by 103.17 points, closing at 23,651.09. In contrast, the more liquid S&P SL20 Index showed relative stability among blue-chip stocks, experiencing only a slight decline of 3.27 points

    Read more