The retirement age for private sector employees is to be increased to 60, the Government said today.
Cabinet approval had been granted on 23.03.2021 to prepare a Bill to amend the age limit for retirement of private sector employees.
The bill 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 Prime Minister Mahinda Rajapaksa.
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.
In the case of employees aged 52 years or above on the effective date of the proposed Act. such employees will be recruited under 3 age groups up to a maximum age of 59 years.
The Cabinet of Ministers approved the proposal presented by the Minister of labour to present the minimum retirement age for private sector employees Act prepared by the legal draftsman to Parliament for approval.