Officials warn of a possible pensions crisis by 2028 or 2030
October 16, 2023 10:34 am
The Department of Pension states that the department will have to face a financial crisis in paying pensions by the year 2028 or 2030.
This was revealed during a committee meeting chaired by Opposition Leader Sajith Premadasa held with the officials of the Department of Pension, the opposition leader’s office said.
In response to a question raised by the opposition leader during the meeting, the relevant officials have expressed that although a technical study has not been carried out into the matter, the government is likely to experience a financial crisis in paying pensions by 2028 or 2030, according to the speculations.
“There are already 700,000 recipients of pensions. We require approximately Rs. 27 billion to complete their monthly pension payments. Apart from this, the government pays Rs. 3,000 million monthly as compensation and allowances to the deceased personnel in the armed forces and police”, they added.
“Actually, the gratuity payments are being delayed. Currently the monthly pensions continue to be paid.”
