The Private Sector Minimum Retirement Age, which passed in the Parliament recently Acts will be come in to effect as soon as The Speaker of the Parliament signed the bill , Commissioner General of Labor Prabhath Chandrakeerthi told to Lankasara. He further believes that the bill would be signed by the Speaker within next week .
Although every employee will be empowered wuth a right to work till his age is 60 years, The Commissioner eneral said thta there would be certain phases at the iniatial implementaion of the law.
“Basically, every employee is entitled to work in the employee until he or she reaches the age of 60.
However, the Act provides for the implementation of this in a number of stages. Employees those who are at the age of 55 years will be entitled to work up to 57 years.
A person between the ages of 53 and 54 at ptresent are eligible to work till their age of 58. while those who are currently at 52 years or below will be entitled to serve up to 59 years. Also, anyone under the age of 52 can serve up to the age of 60.” he said.
Elaboratibng the reasons of having such limitations at the begining of the implementaion of minimum retirement age Mr. Chandrakeerthi said that it was at a request of employers.
The reason is that many institutions have a pattern that has been active so far. They made these suggestions during our discussions with Labor Advisory Councils to minimize the creation of problems in the corporate model, including issues related to existing employees, their promotions, new vacancies.
when we inquired about the benifits of the Employees Provident Fund Commissioner General of labor told that there are no any ammenments in the existing EPF Act.Therefore the employees are entitled to benifit from the fund if they are willing to leave from the job at the age of 55 onwards.
No. A separate Act will be enacted regarding the Employees Provident Fund. We did not touch this bill.
If someone wants, can one get the Employees Provident Fund on reaching the age of 55?
could. But he has to retire from the service of the relevant institutions. At that age. Or they can only get it when they retire between the ages of 60 or 55 or 60. If a person wants to get this money after 55 years, he should resign. However, if the employer wishes to re-employ on a contract basis, he or she can continue to work until the age of 60.
In this way, various discussions have been created regarding raising the age limit. Really why was the minimum age for retirement extended?
The main reason for this is the longevity of a person in our country. The law on this age limit came into force in 1958. At that time the life expectancy of a person in our country was between 60 and 65 years. But now the average life expectancy is 80 to 85 years. Accordingly, many countries in the world have extended the retirement age to 60 or 65 years. If you look at our region, Sri Lanka is currently retiring at less than 60 years