Minister of Labour Nimal Siripala de Silva says youth will not lose job opportunities as there are many jobs in the private sector.
However, the Minister said the tendency among youth to seek jobs in the private sector is relatively low.
Minister de Silva said a pension and a social security scheme must be formulated for the private sector.
The Minister added there remains two challenges, introducing a pension scheme and a social security fund, adding that a social security fund is especially beneficial in order to face challenges posed by the coronavirus.
While claiming that temporary fixes is not a solution, the Labour Minister said a long-term plan is required to safeguard employees.
He noted that discussions are being held in order to formulate plans for the two schemes in order to be directed for government approval.