Sri Lanka agrees to amend Pension Bill, give pension for life

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The Sri Lankan Government has agreed to amend the Pension Bill to provide a pension for life to a member and also permit his or her spouse to receive the pension on death of the member, the Supreme Court was informed on Monday.

The Court verdict is due to be sent to the Parliamentary Speaker today (Tuesday) since parliament has postponed a debate�on�the Bill pending the determination of the�case.

Proposed amendments to the Bill were made during Monday?s proceedings in the fundamental rights case filed by a bank worker objecting to the controversial Bill on the grounds that it violated his fundamental rights. The Bill has drawn a lot of flak over its provisions particularly the mandatory nature and the contribution being an additional one instead of it being part of the contribution that members and their employers make to the EPF.

The Attorney General�appearing on behalf of the government agreed to amend the Bill to provide for a pension for life to a member (instead of until he/she has funds to their credit in the pension fund) and that the spouse would get a pension on the death of a member.

However lawyers for the petitioner argued that the scheme should be voluntary and that those who work less than 10 years will get nothing, among other issues. ?ENDS-

Source: http://www.sundaytimes.lk/index.php/latest/7058-sri-lanka-agrees-to-amend-pension-bill-give-pension-for-life

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