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* Central Bank to establish retirement fund for Sri Lanka's private sector employees
Sun, Apr 25, 2010, 11:20 am SL Time, ColomboPage News Desk, Sri Lanka.

Apr 25, Colombo: Sri Lanka's Central Bank plans to introduce a retirement fund to benefit about eight million employees of the country's private sector.

The employees can contribute any amount they can afford to the fund initially through the state banks.

Private sector employees can open an account under their name in the Bank of Ceylon, the People's Bank, and the National Savings Bank initially. The employees can make contributions whenever they can.

However, the distributions from the account can be taken only when the employee reaches age 55. The employee can request the bank to start paying a regular monthly pension based on the amount they contributed and the interest accrued.

Sri Lanka's public sector employees receive a government pension for the life based on their salary level.

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