Oct 12, Colombo: The Cabinet of Ministers has granted approval to present in parliament a draft bill prepared to extend the retirement age of private-sector employees to 60 years, statement on the cabinet decisions said.
The Cabinet approval was granted on March 23, 2021 to prepare a Bill to amend the existing minimum age limit for retirement of private sector employees.
The bill prepared accordingly has been further discussed with the participation of all relevant parties in the Committee on Study on Policy or Legal Matters Affecting the Business Sector chaired by the Prime Minister.
The bill has been prepared by including provisions to extend the retirement age to 60 years with respect to employees who have not attained the age of 52 years on the effective date of the proposed Act, and in the case of employees aged 52 years or above on the effective date of the proposed Act, to employ them under 3 age groups up to a maximum age of 59 years.
Accordingly, the Cabinet of Ministers approved the proposal presented by Labor Minister to present the minimum retirement age for private-sector employees Act prepared by the legal draftsman in Parliament for approval.