Oct 08, Colombo: Sri Lankan Prime Minister Ranil Wickremesinghe said the country's economic growth rate should be increased to 7.5 percent in order to modernize the existing pension scheme.
The Premier said the country's economy would be converted into an export economy in order to achieve such a high economic pace and steps would be taken in the future to provide Rs. 500 billion to private sector to achieve the feat. The retirement community would also benefit from such an investment, he added.
Prime Minister Wickremesinghe made this observation addressing the National Retirement Day celebrations held at the Nelum Pokuna Theater in Colombo today (08).
Speaking further, Prime Minister Ranil Wickremesinghe said the pension scheme can be further modernized by increasing the economic growth rate to 7.5%.
"Increasing the economic growth rate to 7.5% will benefit the current public servant as well as all of you pensioners. The country's economy must be transformed into an export economy to bring about such growth. The economic growth through an export economy will develop the country further."
"Basic economic infrastructure has been established due to the services rendered by all of you. Since infrastructure has been developed up to Kandy, Colombo and Hambantota, we will obtain foreign investment and continue to take on the responsibility of strengthening the economy."
The Premier said money is flowing into the country through economic development. Increasing the money circulation in the country will increase the state resources enabling the government to allocate more funds for the social welfare of the people.
Prime Minister Wickremesinghe pointed out that the country's economic growth rate has a direct bearing on the pensioners' future.
Speaking at the occasion, the Minister of Public Administration, Disaster Management and Livestock Development Ranjith Madduma Bandara stated that the present government has taken measures to create a conducive environment for the retired community.
He pointed out that the government has taken measures to eliminate the pension anomalies which have not been resolved for nine years.
Minister Ranjith Madduma Bandara added that although the biggest installment and loan interest had to be paid this year, pension anomalies were eliminated from the budget and a pension increase of 44% was given to the retired public servant who completed 30 years of service.
Secretary to the President, Udaya R. Seneviratne, Secretary to the Ministry of Public Administration, Disaster Management and Livestock Development JJ Ratnasiri, Director General, Department of Pensions Jagath Diaz, state officials and a large number of pensioners including state officials were present.