June 30, Colombo: Sri Lanka has decided to allocate Rs. 317 million as a source for the payment of pension to farmers until a stable pension fund to provide better benefits to farmers is established.
The cabinet which met on Wednesday has decided to establish a stable Citizens Pension Insurance Fund that will provide more benefits for those employed in agriculture, fisheries, transport, construction activities and in self-employment sectors as proposed by the Budget of 2011.
The cabinet approved the allocation proposed by the President in his capacity as the Finance Minister until such time the new pension fund is established.
Currently, the Agriculture and Agrarian Insurance Board implements the Fishermen’s Pensions Scheme and the Social Security Benefit Scheme.
The relevant legislation for the purpose is being prepared by the Legal Draftsman.