A number of proposals were suggested by 2021 budget. One of the proposals was to extend the retirement age in the private sector to 60 years. That is to amend the current retirement age from 55 to 60 years.
But some employees did not like to retire at the age of 55, as well as some employers, did not like this. Therefore, at the Ministry of Labor, the Minister of Labor Nimal Siripala de Silva discussed this matter with the trade union leaders and the representatives of the employers’ federation.
The Minister pointed out that the retirement age has been extended at the request of labor leaders, but if an employee wants to complete his / her service at the age of 55 and obtain EPF and ETF deposits or to serve up to 60 years, Also that the employee has a preferential right.