SC to take up petition on private sector pension scheme

The Supreme Court yesterday decided to hear the petition against the government's proposed pension scheme for the private sector on May 2.

A three-member Supreme Court bench headed by Chief Justice Asoka de Silva will hear the petition on Monday. It was taken up in Court yesterday.

The legislation on the private sector pension scheme that was to be taken up in parliament last week was postponed due to the pending court hearing.

Trade unions, workers, and employers have been up in arms against the government's proposed scheme.

The government had proposed to set up three separate Contributory Pension Funds from May 01, 2011 for the private sector, the expatriate workers and for the self-employed.

According to the private sector trade unions, the proposed pension scheme for the private sector was unacceptable since it is a contributory fund that would last only until monies last in the personal accounts of the fund's members.  President Mahinda Rajapaksa earlier this week agreed to have more consultations on the proposed private sector Pension's act. Trade unions, employees, and employers all requested for more consultations on the pension bill. (Colombo Page)