AKD proposes contributory pension scheme for private sector employees

9 September 2024 11:24 am Views - {{hitsCtrl.values.hits}} 53 Bookmark

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Colombo, September 09 (Daily Mirror) - The National People's Power (NPP) has proposed to introduce a contributory pension scheme for private sector employees in a move to ensure a dignified and happy retired life, NPP leader Anura Kumara Dissanayake said yesterday.

Speaking at the 25th convention of the Inter Company Employees' Union (ICEU), Dissanayake said everyone must enjoy a dignified and a happy retired life claiming that most of the retired persons lead miserable lives.

He said private sector employees make a huge contribution to the country's production. "There is a time limit for anyone to work. Everyone must enjoy a dignified and happy retired life. We have a proposal to introduce a contributory pension scheme for private sector employees," he said.

Dissanayake said a salary increment procedure is needed to increase salaries for the private sector every six months in line with the cost of living instead of collective agreements of two or three years.

"Most of our companies have collective agreements of two to three years to increase salaries. It is not appropriate for an unstable economy like ours. If the economy is stable, two to three years of collective agreements are fine. But, in Sri Lanka, the cost of living index is constantly changing. So, we need to revise salaries every six months in line with the cost of living," he said.

He also said the manpower system which started one and half decades ago must not continue as it a modern form of slave trade.

"A system of recruiting employees through manpower companies began one and half decades ago. It is similar to modern slave trade. Your labour is traded through an agent for a commission. It is not justifiable. That model should not continue," he said.

Comments - 53

Romesh Monday, 09 September 2024 11:33 AM

He will make Sri Lanka a communist country and run it to the ground like Cuba, Venezuela.. I hope our people see that this is a Marxist party and it will destory Sri Lanka once and for all...do not get emotional and vote again like you'll did in 2019. Be rational.

51 82

D P P Prasad Monday, 09 September 2024 01:32 PM

Please elaborate based on what do you decide that NPP is attributed with the communism As we believe that you want this country governed by the political thieves who plunged this country into the anarchy. For a considerable period the leaders who came to power governed this country along with the false pledges. Thus uncertainty social unrest and the panic can often be predominant in the society Therefore wise people will elect AKD as the leader by chasing the crooks away from the political landscape

26 32

Tissa Fernando Tuesday, 10 September 2024 04:53 AM

Look ar their manifesto, it is full of Cuban and Venezuela style initiatives. Blind brain washed people cannot see it. Ask them to pay back USD 200 billion to the government, the total cost of their terrorist activities.

3 0

Carlo Monday, 09 September 2024 02:59 PM

Your assumptions are made with a biased point of view, but that is your right within media freedom. If for a moment you think that the NPP has not evolved beyond Marxist ideology in 50 years and hasn't grasped that old Marxism is long dead, you are the one still living in the 1970`s or 1980`s and not them. Why do you think that so many highly educated and accomplished people have joined in along with the masses in support? Even if you vote against the NPP it will be constructive to understand their policies and principals which are very different, to the rest.

18 17

Romesb3 Monday, 09 September 2024 03:53 PM

Yes i read their policy. It based on marxist ideology that removes the effieciency of private enterprise and rewards inefficiency and bureaucracy. Like for example the pensiom scheme and the 6 month salary increae. It will reward laziness and unproductive labour

6 15

Gamini Monday, 09 September 2024 04:16 PM

these same "highly educated" people in 2019 voted for Gota

3 11

EARLY CHILDHOOD EDUCATION IS MOST IMPORTANT FOR EVERY CHILD TO MOVE FORWARD AND THIS IS DEFINITELY NOT AVAILABLE TO THOSE IN POOR AREAS, BE IT THE TOWNS AND OR VILLAGES/REMORE AREAS THEY LIVE IN. Monday, 09 September 2024 05:54 PM

GAMINI, YOU ARE WRONG THE MAJORITY WHO VOTED FOR SLPP WERE THE NOT SO EDUCATED VOTERS IN LOWER INCOME FAMILIES, VILLAGES, REMOTE AREA AND THOSE WHO WERE BRAINWASHED THAT THEIR LIVES WOULD BE BETTER. HAVE YOU ANY IDEA OF WHAT A SCHOOL LOOKS LIKE, QUALITY OF TEACHERS ETC ARE IN AREAS OUTSIDE OF COLOMBO??. SCHOOLS IN BIG CITIES AND IN AND AROUND COLOMBO HAVE SCHOOLS THAT HAVE MORE QUALIFIED TEACHERS, BETTER FACILITIES AND SO THE STUDENTS MOVE FORWARD. I AM ALMOST SURE THE INTIAL "EARLY CHILDHOOD EDUCATION" IN THE COUNTRY FALLS WAY BELOW THE STANDARD OF EARLY EDUCATION IN AREAS LIKE COLOMBO, OUTER AREAS AND BIG TOWN LIKE KANDY, GALLE AND SOME OTHER TOWNS. EARLY CHILD HOOD EDUCATION IS MOST IMPORTANT FOR EVERY CHILD AND THIS FACILITY IS DEFINITELY NOT AVAILABLE FOR EVERY CITIZEN AND SO THESE ARE THE ONES WHO'S FAMILY MEMBERS GET A BOTTLE OF ARRACK, PALMS OILED AND FREE TRANSPORT TO THE VOTING BOOTHS.

2 0

Ranga Monday, 09 September 2024 11:40 AM

CPI increase every six month is a very bad idea

7 40

Karalasingam Sivalingam Monday, 09 September 2024 11:44 AM

This is one of the best election promises ever made by any candidates sofar. Congratulations.

44 38

Man Monday, 09 September 2024 01:04 PM

Their best policies in short; (i) Collecting 500 US $ each from Sri Lankan's who have migrated or abroad. (ii) Printing money (SL) resulting inflation (iii) Sell whatever available (iv) Take over all the Fixed deposits of Sri Lankans. (v) Money that swindled or illegally earned, to be made legal for using for government expenses. (vi) Devolution of Judicial power to carders with dispute resolution councils, like in 1988-90. (vii) Allowing loans for public without any guarantor so that the depositors will have no money in their accounts. What a way indeed!

16 32

A patriotic citizen Monday, 09 September 2024 02:34 PM

NPP supporters = Herd of blind and deaf Buffalo's. There were 6.9 million last time, let's see the size of the herd in 2 weeks time. Seriously, how do any of you have so much faith in a party that says one thing to their followers and has a manifesto saying something completely opposite. Good luck to Sri Lanka. All of you buffalos will be to blame when Sri Lanka crashes and burns if they come into power.

7 21

Viktor Monday, 09 September 2024 02:45 PM

Cannot find these in their policy documents

0 7

Rishan Monday, 09 September 2024 02:04 PM

Can you do this without printing money ? Can you do this by decreasing TAX's on direct and indirect taxes? One must question from AKD how are you going to do these promises ???? At one point he saying Central Bank should be independent again with 20 seconds he is saying central bank should help us and align with our plans. If you wants satisfy eveyone , you should sell Ice Cream.....

1 20

Priyan66 Monday, 09 September 2024 12:01 PM

NPP must libalize labour policies , else investors will not come to Sri Lanka with present labour policies. Investors should able to hire

2 31

Dilakshan Seneviratne Tuesday, 10 September 2024 12:22 AM

They have already released their policies. Bit late with your advice. Sorry. Don’t worry they’ll do much better than what we imagine.

1 2

[email protected] Monday, 09 September 2024 12:09 PM

Contributory retirement scheme should also be introduced to government employees as the current system is a huge burden to the state budget. In addition, as employers already contribute via EPF

3 32

Agith Monday, 09 September 2024 02:18 PM

No need to all investments to come but only the quality investments not exploiting labour and damaging the environment. Cheepest labour in south asia is in Bangladesh. They (workers) setting fire factories paying less pay. Investments with labours exploitation will not elevats a soceity.

0 3

BuffaloaCitizen Monday, 09 September 2024 12:15 PM

It is a impossible factor to increase salaries every 6 months. Instead concentrate on strengthening the rupee and economy which will automatically keep prices steady for a long time. Since Independence, our governance has been corrupt. British handed over the Nation as a resplendent country but from day one we robbed the Nation and today it is Bankrupt. Bring a Law where all those who work for the State need to be honest and corruption free and if they are proved and found dishonest and corrupt, they should be deemed "tyrants of the nation" and named and shamed in public with serious punishment and no future,

0 40

Prof. N.P. Nanayakara Monday, 09 September 2024 12:16 PM

It is a very good move Mr. Anura Kumara Dissanayake. Please do that first. Ranil, Mahinda and Gota totally neglected Private Company Employees.

74 21

Gamini Monday, 09 September 2024 04:20 PM

These Marxist have always been against the private sector, without realizing that the private sector tax contribution is what makes the country run and pay the salaries of the non tax paying state sector. How do you expect AKD to address issues of the private sector

0 6

Dilakshan Seneviratne Monday, 09 September 2024 08:36 PM

These are the types of things practiced in developed countries. Some people who have lived in SL, who do not know about such things make uneducated comments. Such is life. Previous leaders have never even spoken about such things due to their own ignorance. AKD is an innovative, smart and intelligent leader.

3 2

Tissa Fernando Tuesday, 10 September 2024 04:55 AM

@Dilkushani, such a scheme is already in place for private sector.

0 0

Dilakshan Seneviratne Tuesday, 10 September 2024 03:00 PM

AKD is talking about the whole private sector. Only few big companies have it now

0 0

Amaran Monday, 09 September 2024 12:19 PM

SALARY increment to PUBLIC Sector employees every six month - Where are you going to find the money from? Very Sweet to hear but how are you going to implement. This itself speaks a lot about yourself - your inexperience, inability to foresee the future etc. You will destroy the economy completely.

3 35

Cisco Monday, 09 September 2024 12:41 PM

Not difficult implement. Divide annual increment in to two installment. Only thing is half of the increment has be paid in advance.

7 10

Ranga Monday, 09 September 2024 03:13 PM

CPI should be annually and that's recognised elsewhere

4 0

Nimal Janaka Perera (Employee of a Private Hospital) Monday, 09 September 2024 12:19 PM

Welcome move Sir. Please introduce a system, when the Govt. servants salaries are increased, the same manner increase the salaries of Private Sector Employees.

18 15

SLEx Monday, 09 September 2024 04:18 PM

Yes. We all will be millionaires and poor at the same time. I can take 50000 rupees to Indonesia and become a multi millionaire today. Soon they will be able to bring 1 000 000 Indonesian rupiah and convert it to 1 000 000 Rupees.

0 2

You are requesting from the wrong person! Monday, 09 September 2024 04:36 PM

Very good. But make your request from somebody who is in power. Not from the JVP MPs who live on salaries of others.

2 3

Amaran Monday, 09 September 2024 12:21 PM

In the DEVELOPED countries, job agents play a vital role in the recruitment process. It seems you are totally BLANK about the modern world.

4 26

Dilakshan Seneviratne Monday, 09 September 2024 11:10 PM

What's recruitment got to do with Pension schemes? LOL

0 0

Noel Rajasingham Monday, 09 September 2024 12:21 PM

It's a new move and a best move AKD had thought of. Thank you in advance for your new move. Believe me this is itself enough to vote only for you Sir.

25 9

Chris Monday, 09 September 2024 12:59 PM

This alone shows the type of voter we have. He utters some rot which cannot be implemented and without even thinking about it you want to vote.

0 19

Grace Monday, 09 September 2024 12:36 PM

Good idea. Many elders worked in the private sector are undergoing untold financial hardship. They have to depend on alms even to buy medicines for their chronic diseases. I have seen elders waiting at pharmacies' doorsteps with prescriptions. At the same time, Please consider for a pension scheme for those who work in foreign countries. their lives are miserable beyond imagination few years after they return home.

8 7

Lakshman maddumahewa Monday, 09 September 2024 12:46 PM

His party orchesred a mass protest in katunayaka when similar pension scheme enacted during MR presidency. One worker died when police crackdown. It is best example of JVP Hypocrisy.

2 20

Wayaseka Martin. Monday, 09 September 2024 12:50 PM

Easy

1 0

sam Monday, 09 September 2024 12:50 PM

Contributory pension should be for all citizens outside the govt service.

2 2

Sakya Monday, 09 September 2024 01:29 PM

Government can have proper unbiased labour laws befitting the employee and the employer but government cannot enforce impractical rules that tilt towards the employees. Private employers are not always big companies there are more medium and small businesses and if they have three employees then they will have to pay 15 percent of the employees' earnings every month to the EPF ETF. Many small time businesses avoid joining the scheme and employees too willing accept it as normal. What's more his he going to stop this or switch it to the contributory retirement pension. Presently Even the government find it difficult to continue with oversized public servants pension. He is now keep increasing his promises left right and centre. Methodology to implement these unrealistic promises are missing as he himself knows these are fantasies to woo the gullible voters who are upbeat that only the JVP can bring about a bright future and punish the past rulers for their sins.

2 4

Dilakshan Seneviratne Tuesday, 10 September 2024 12:30 AM

Just jumping the gun without trying to understand what this proposal is about. It’s about something that’s not in the current system but that can be considered for consultation with the community. Is that a bad thing to do?

0 0

Mahila Monday, 09 September 2024 01:30 PM

Good Foundational Move to take over the FUNDS of EPF to governmental Control!!?? It will be worse than Cuba!!?

0 9

Dilakshan Seneviratne Tuesday, 10 September 2024 12:39 AM

You said it will be government controlled not him. Just trying to score low points?

0 0

Sandra Monday, 09 September 2024 01:32 PM

All these retirement benefits can be solved if everything working citizen contributes to the EPF/ETF be it private or government. This way a pension scheme can be formulated for every retiree and on their demise the next of kin upto the age of 18 years and or a mentally /disabled child/children should be able to get the pension

0 2

Muhammed Rifkhan Monday, 09 September 2024 01:36 PM

Please spell out the configuration of such a contributory pensions scheme. Investment or reinvestment methodologies. Do not fall prey for a saying which are without any substance. EPF and ETF are very badly mishandled when it comes to reinvestment and a fair share are not given to the contributors. Also the tax burden should be abolished for retirement gratuities and other lump sum payments

1 3

duplicate ralahami Monday, 09 September 2024 02:08 PM

this guy is trying to destroy the private sector EPF fund incase come to power

1 8

Dilakshan Seneviratne Tuesday, 10 September 2024 12:37 AM

Explain how it can be destroyed without spreading falsehoods.

0 0

Mahila Tuesday, 10 September 2024 07:40 AM

(Part II) All the secrets of those actions came out, and their surreptitious actions revealed, which then made Opposition and Trade Unions scuttle the process!! THAT MOVE WAS TO ENHANCE CASHFLOW OD CASH STRAPPED TREASURY – MAKE INFLOW OF CASH FROM EPF!!?? AGAIN THEY ARE AT IT TO STEAL “THE WEALTYY CASH COW”!!?? NOTHING BUT CROOKISH THINKING!!?? IF AKD IS CONFIDENT OF HIS PLAN AND EXECUTION OF THIS PENSION SCHEME, WHY NOT HE MAKES IT OPTIONAL AND VOLUNTARY AND NOT MANDATED FOR ONE AND ALL!!?? That’s why they want 2/3rd Majority, dissolve parliament and have election soon after PE in 09/2024!!?? These are TELL-TALE SCHEMERS IDEAS TO CREATE CHAOS IN SYSTEMS, including those work well for the masses!!?? Let AKD start the scheme as VOLUNTARY CONTRIBUTORY PENSION SCHEME NOT MANDATORY, for 10 YEARS and let PEOPLE (TBC)

0 0

Neo Monday, 09 September 2024 02:46 PM

He's 50 years late. SWRD already introduced a pension scheme for private section which is functioning well.

1 5

Viktor Monday, 09 September 2024 02:51 PM

Not true. Estate worker's daily wages increased by 4 cts for every point increase in COL index from 1984 until private management took over. Now, although the most productive workers they are not paid a living wage. Wage increases are resisted although companies are receiving almost double what they got forvthe dollar a few years ago.

0 4

Sam Silva Monday, 09 September 2024 05:48 PM

Guess you have no idea how estate are paid. Why don't you visit one of the estate and work to get better understanding.

2 0

Senior Citizen Monday, 09 September 2024 02:57 PM

I have worked private sector for 60 years. Now I live on interest from EPF money . Bank take 5% withholding tax and 5% income tax. It is better to have pension scheme rather than EPF.

1 3

Don't know the basics Monday, 09 September 2024 04:20 PM

Has he heard of MSPS? It's been around since 1939! Seems AKD is clueless and never worked a real job.

1 5

Carington Monday, 09 September 2024 10:15 PM

This Sri Lankan Pol Pot will wake-up with another policy statement (another New promise) tomorrow morning. Nothing new to this schemer who knows how to get what he wants either by hook or by hook.

1 3

Bandara Gamaga Tuesday, 10 September 2024 10:20 AM

Everybody wants a dignified happy retirement. Question is have you saved enough money. Government can promote savings schemes but its personal responsibility to live within means and save. SL is not Saudi Arabia don't have money ...

0 0

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