The Agriculture and Agrarian Insurance Board says plans are underway to introduce a new pension scheme for employees engaged in the tea industry and related sectors in Sri Lanka.
The proposed scheme will be implemented under the Ministry of Agriculture Livestock Lands and Irrigation Sri Lanka in collaboration with the Agriculture and Agrarian Insurance Board and the Ministry of Plantations and Community Infrastructure Sri Lanka.
According to officials, workers employed in tea estates and tea factories will be eligible to register for the scheme, while contributors will be allowed to select premium payments according to their financial capacity.
Under the proposed plan:
- A person joining the scheme at age 18 and paying a quarterly contribution of Rs. 600 will be entitled to a monthly pension of Rs. 5,000 after reaching 60 years of age.
- Higher premium contributions could provide monthly pensions of Rs. 15,000, Rs. 20,000, Rs. 25,000 or more.
Officials stated that contributors will also have the flexibility to increase premium payments at any time to improve future retirement benefits.
In addition to pension benefits, the scheme is expected to provide life insurance compensation in cases of total or partial disability caused by accidents, or in the event of death before pension eligibility age.
Authorities further noted that if a contributor dies while receiving pension benefits, the entitlement will be transferred to the spouse.
Officials emphasized that the primary objective of the programme is to strengthen the social security and long-term welfare of tea industry workers after retirement.
