Nov 17, 2020 (LBO) - Finance Minister and Prime Minister Mahinda Rajapaska in his budget speech proposed to amend the Employees’ Provident Fund Act to expand the retirement age for both men and women up to 60 years.
He said it cannot be justified to have two different ages for compulsory retirement for men and women.
"The compulsory retirement age for the public sector is 60 years, whereas it is 50 years for the private sector.
It is further lower for females."
Life expectancy in Sri Lanka for females is 76.6 years and life expectancy for males is 72 years.
"Therefore, based on the life expectancy, it is proposed to amend the Employees’ Provident Fund Act to expand the retirement age for both men and women up to 60 years.
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At the time of the adoption of the Employees’ Provident Fund Act, life expectancy for females was as low as 57.5 years and life expectancy for males was 58.
8 years.