The Cabinet has approved to increase the minimum retirement age for the private sector to 60 years. The decision has been taken at the meeting held on last evening, Media Minister Dullus Alahapperuma said today (12)
This was following the approval given at the Cabinet meeting held on March 8, 2021 to amend the existing minimum age limit for retirement of private sector employees.
Accordingly, the draft Preliminary Draft has been further discussed with the participation of all stakeholders in the Committee on the Study of Policy and Legal Issues Affecting the Apparel Industry Trade Sector appointed by the Prime Minister.
The committee agreed to extend the retirement age of employees below the age of 52 to 60 on the effective date of the proposed Act and to employ employees aged 58 or above under the age of effect of the Act up to a maximum of 59 years under three categories according to their age. The proposal made by. Minister of Labor, to proceed with the relevant activities, was approved by the Cabinet.