Nov 21, 2020

Raising retirement age : employment issues for youth Featured

Raising the retirement age of private sector employees to 60, as included in the budget proposal,  will further increase youth unemployment in Sri Lanka, which is currently at 18 percent, says the Free Trade Manufacturers' Association (FTZMA).

In a letter to the President and several other parties, the union pointed out that before making policy decisions on the legal retirement age, that fact whether there is an opportunity to retain older employees for longer than expected. should be taken into consideration.

The letter further states that the importance of  financial security when aging is at  a high level in the country, including the security in old age, and therefore the government should pay close attention to the relevant information before reaching a final decision on the legal retirement age.

34,000 jobs already given
According to government sources, the government has already provided employment to 34,000 out of the 100,000 jobs provided last yearand the government is taking measures to provide employment for 60,000 unemployed graduates.

The Department of Manpower and Employment has launched a new program to provide employment in the private sector to the unemployed in the country.