Work on new social security fund for all employees deprived of a pension begins

• Special tripartite committee with labour union, EFC and govt. reps appointed to draft preliminary for fund
• Semi-public, private and informal sector employees ineligible for any pension coverage to benefit 
• Committee to draft policy framework and develop conceptual basis

As the initial step to setup towards guaranteeing all employees access to a pension at their golden age, a special tripartite committee, consisting of the representatives of labour unions, Employers’ Federation of Ceylon (EFC) and government, have been appointed to draft a preliminary for a new social security fund covering the employees deprived of pensions. 

The committee was established at the National Labour Advisory Council (NLAC) meeting chaired by Labour Minister Nimal Siripala de Silva, at the Labour Department yesterday, the Labour Ministry announced yesterday.
Labour Ministry Senior Assistant Secretary T.B. Vasanthan has been appointed as the conveyor of the committee. 
The proposed fund is expected to provide pension coverage to semi-public, private sector and informal sector employees, who are not eligible for other pension coverages.

Moving forward, the committee would also be responsible in drafting the policy framework and in developing its conceptual basis.

The minister requested the newly appointed committee to formulate the concept paper in a broader scope when deciding the nature of this proposed fund, its beneficiaries and its benefits to the membership.

While welcoming the move, EFC Chairman Mangala Yapa fully extended the backing of the employers for the formation of the fund, which is critical for the future well-being of employees.