Feb 28, 2018

Private sector too, to have 60 yr. retirement age? Featured

Labour minister John Seneviratne says the private sector too, should be given the opportunity to let its employees serve until reaching the age of 60 years.

He told the national labour advisory council at a meeting that the government was prepared to discuss related matters.

However, the Employers Federation objected, noting the extension of the retirement age from 55 to 60 years would aggravate unemployment among the youths, and also affect employee efficiency.

Trade union representatives said many employees sought permission to work after reaching 55 years due to financial difficulties, but that any such recruitment was made on contract basis.

Most institutions do not grant those employees the allowances and other facilities given before their retirement.

Noting the 75 year life expectancy, the TUs said it would be better if the retirement age was raised to 60 years.

Due to these differing opinions, the minister suggested that a proper study should be made with ILO intervention and its recommendations taken into consideration to make a final decision.