12 November 2021 04:15 pm Views - 306
Employees attached to the public sector will be allowed to serve for longer periods with the retirement age proposed to be increased to 65 years.
Finance Minister Basil Rajapaksa presenting the Budget 2022 said that the retirement age for the public sector is increased with the aim of strengthening the workforce.
However, he assured that this move will not have any negative implications on the recruitment of youth to the public sector.
Sri Lanka’s public sector is acknowledged by many sections of the economy as bloated, and this characteristic is yet to be addressed.
Public Sector salaries and wages, and pension payments add significant pressures on fiscal operations.
In 2020, the year end salary and pension bill took up approximately 86 percent of the tax revenue generated.