The Cabinet of Ministers has granted approval to prepare a Bill to amend the existing minimum age limit for retirement of private sector employees.
The bill 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 includes 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 while in the case of employees aged 52 years or above on the effective date of the proposed Act, to employ them under three age groups up to a maximum age of 59 years.
The Cabinet approved the proposal presented by the Minister of Labour Nimal Siripala de Silva to present the minimum retirement age for private sector employees Act prepared by the Legal Draftsman in Parliament for approval.
