Sri Lanka’s statutory retirement age of 55 years was set by the Employees Provident Fund (EPF) Act No. Yet the retirement age in Sri Lanka is one of the youngest in a world where it averages in the early sixties, and is on an upward trend. Most of Europe and the US have set retirement age at 65 with the flexibility to stay in employment longer. The public sector, on the other hand, has mandated the retirement age to be 60 years for males and 55 for females. Any decision to increase retirement age must also be introduced on a phased basis, allowing both the employer and employee the choice of retirement as planned at the point of hire.

Source: The Nation October 02, 2021 18:45 UTC