Employee can go on retirement on the 55 or 60 as they wish.
Minister of labour Nimal Siripala De Silva stated that the age of retirement of private sector increased based on the resent budget proposal and long lasted demands of labour leaders. However, Employees have a right of choice to withdraw EPF & ETF at the age of 55 or they can continue to work until 60 years of age The minister stated this on 22nd December at NLAC (National labour advisory council), Ministry of labour.
The minister stated furthers that the opinion of thread union leaders to ensure a right of employees to retire on the age of 55 should be accepted. It is fair to allow employees to withdraw EPF on their retirement.
For the employee who wish to work until 60 years of age will be facilitated to withdraw the EPF at their retirement as well. Since the life expectancy which was at the time when retirement. Age was decided as 55 has been increase, the national retirement Age also increased accordingly, the minister emphasized.
The representatives of the employees Federations pointed out that they categorically accept this proposal but practical problems of retaining employees after 55 age in some industrial sectors will be problematic.
In contrast, problems may arise in retaining employees until 60 years of age as their productivity is low .Accordingly, the Director General the employees Federations MR; Kanishka Weerasingha stated the importance of including the relevant acts with the inclusions of matters, already in practice in collective agreements.
The minister has requested to submit a relevant proposal & criteria to include in the law amendments after discuss between trade union leaders & representative of the employees Federations .The minister instructed commissioner general of labour to convene to discussion committee & submit the decision early. Accordingly, the minister informed the national labour advisory committee that the legal drafting for the relevant act amendments will be done.
Secretary of the ministry Mr: Mapa Pathirana ,commissioner general of labou Mr. Prabath Chandrakeerthi, represantives national labour advisory council: Mr Lesly Devendra,Mr Anton Marcus ,Mr Silvester Jayakody,Mr Wasantha Samarasinghe ,Mr Leenas Jayathilaka & other trade union leaders and representatives employees committees participated the meeting.
Upul Janaka Jayasinghe
Media Secretary to Hon. Ministry Of Labour