Mandatory retirement age should be raised from 55 to 65 years:Eran | Daily News

Mandatory retirement age should be raised from 55 to 65 years:Eran

The mandatory retirement age should be raised from 55 to 65, State Minister of Finance Eran Wickramaratne said on Wednesday.

“I am a strong advocate that the mandatory retirement age be increased from 55 to 65 years,” he said. “I see absolutely no rationale at 55 years for somebody to quit and then go on a consultancy.”

He was speaking at an event marking the re-launch of the “Sunrise” Magazine, the official publication of the Sunrise Senior Foundation.

State Minister Wickramaratne noted that Sri Lanka had a unique problem among non-OECD countries, namely that its population was aging without a corresponding gain in income.

Meanwhile, the working-age population is coming down, as is the Labour - Force participation rate of women, he said.

“(It’s) a bomb of a kind, a kind that is increasing all of time,” he added.

The current laws mandate that those working in the private sector retire at 55 years.

WHO Representative to Sri Lanka Dr. Razia Pendse argued that with longer life expectancies, it did not make sense to force people on to unfavourable consultant contracts after they turn 55.

“This is perhaps when your contribution to society could be at its peak,” she said.

State Minister Wickramaratne advocated for a re-thinking of old age.

“There is hope,” he said. “And this is just another phase of life.”


 

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