New pension system for those who joined State sector after 2016

Cabinet approval has been granted for the establishment of a National Contributory Pension Fund for Public Service employees.

Cabinet spokesman Minister Bandula Gunawardena stated that the Pension Fund will be established for new Public Service employees and those who have joined the Public Service after January 2016.

He further stated that the Pension Fund will see an 8% contribution from the employee and a 12% contribution from the employer.