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Monday, April 26, 2010 - 8.35 GMT

Pension scheme for private sector

 
The Central Bank has taken action to introduce a novel pension scheme for the private sector to benefit about eight million employees.

This scheme will be established initially with the State Banks. The Bank of Ceylon, the People’s Bank and the National Savings Bank will facilitate Private Sector employees to open a Retirement Fund / Account under each employees name enabling the employees to contribute to the Fund when they desire.

Contributions can be made from any part of the country at any time even with a small amount. The holder of the retirement Account will be issued an ATM Card for them to make deposits.

The main feature of this scheme is that the customer cannot withdraw the money from the account. A request can be made to the Bank, when the employee reached 55 to start paying the pension based on the accumulated fund including the interest.
 


 
 
   
   
   
   
   

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Last modified: April 27, 2010.

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