Top entrepreneur proposes:
Pension scheme for private sector
To attract youth, graduates with State job mindset:
Busy employees rushing to work places at the Colombo business
hub, the World Trade Centre. Picture by Saliya Rupasinghe
A top entrepreneur says introducing a pension scheme for private
sector employees to attract more graduates passing out will help the
Master Divers Chairman Ariyaseela Wickramanayake told Daily News
Business that if a pension scheme is introduced for private sector
employees ,it will change the mind set of young graduates who are
looking only for government jobs now.
Elaborating on his experience as a leading private sector
entrepreneur in the country he said that he has employed hundreds of
graduates in his businesses on higher salaries and benefits on high
salary scales. “But they left the company when they got government
teaching appointments. This is because they have more faith in the
pension scheme rather than EPF and ETF,” he said.
“Therefore the private sector is reluctant to invest in training
graduates because companies cannot retain them for long periods. This is
a major issue that has to be rectified. “It is good if the Government
can implement my proposal”.
“It will be a win-win situation to all parties”, he said.
Wickramanayake said that some people feel insecure with EPF and ETF
because it is a once and for all payment. Without proper financial
management they feel they will end up without an income to live after
retirement. However most graduates feel that if there is a pension they
can sustain themselves after retirement. He said there are 8 million
employees in the private sector and there annual contribution to the EPF
and ETF makes Rs 192,000 million which could be utilized for potential
development projects such as milk, sugar, paddy and fishing.
“The Government has planned to construct several large factories for
essential food items creating job opportunities and reducing expenses on
imports which will also develop the country”, he said.