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Severance compensation for workmen increases to Rs 2 5 Mn

COLOMBO (News1st): The formula for the payment of compensation to a workman has been increased from Rs. 1.25 Mn to Rs. 2.5 Mn. The Commissioner-General of - Get the latest breaking news and top stories from Sri Lanka, the latest political news, sports news, weather updates, exam results, business news, entertainment news, world news and much more from News 1st, Sri Lanka's leading news network.

Labour Minister holds discussion on proposed private sector retirement age

Friday, 25 December 2020 01:17 -     Minister holds discussions with trade unions and EFC representatives Says those wanting to retire at 55 years should be allowed, but 60 made mandatory age of retirement Asserts EPF/ETF funds can be withdrawn by employees who choose to retire at 55 years Points proposal to increase retirement age due to high life expectancy rates EFC says employing workers after 55 years in some industries will be difficult Trade unions, EFC can submit proposals to Labour Commissioner for amendments to law Labour Minister Nimal Siripala De Silva   The Labour Ministry has initiated discussions with relevant stakeholders on the proposed amendments to the Employees’ Provident Fund (EPF) Act to increase the age of retirement in the private sector from 55 to 60 years.

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