Cabinet Approves Pension Fund For Migrant Workers

Cabinet Approves Pension Fund For Migrant Workers
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Proposal to establish a pension fund for migrant workers was approved by Cabinet this week allowing for the extraction of Rs. 2 billion from the Sri Lanka Bureau of Foreign Employment as the initial capital requirement.

Funds for this scheme will be taken from the Kuwait Compensation fund of the Sri Lanka Bureau of Foreign Employment and would be reallocated through amending the bureau Act.  Therefore, there is no special money allocation needed from the Annual Budget.  The Legal Draftsman is to draft the Act for the proposed pension scheme, which is to be implemented from 1 January 2017.

“As per the Cabinet decision in March a committee to appoint representatives from the foreign employment ministry, general Treasury, pension department, Central Bank and association of licensed foreign employment agencies to propose a pension scheme for migrant workers under the 100 days program of the Government,” the Cabinet paper said.

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