Sri Lanka reduced the retirement age of state employees to 60 with immediate effect among many other measures to reduce state sector expenditure in a reform to cut down capital expenditure from the state coffers as the country reels from an unprecedented economic crisis.
“As a part of efficient expenditure management, I propose to rationalize the number of government employees,” President Ranil Wickremesinghe, who is also the finance minister of the country, said while presenting the interim budget for 2022.
He said it has been observed that there has been increasing unrest among unemployed youth as the government had decided to raise the mandatory retirement age of public sector employees to 65 years and that of semi-governmental employees to 62 years.
“Besides, it has also been reported that the increase in the retirement age has restricted the promotional opportunities available for many public sector and semi-governmental employees. Accordingly, it is proposed to reduce the retirement age of public sector and semi-governmental employees to 60 years.”
He declared that those who have been employed beyond 60 years of age at present in the government and semi government sectors will be retired as of 31.12.2022.
Source: Economy Next
