- Last Update 2024-11-08 21:46:00
FTZ manufacturers oppose 60 year retirement age
The Free Trade Zone Manufacturers Association (FTZMA) on Tuesday was quick to respond to the government’s proposal to raise the retirement age in the private sector to 60 years, saying they were not in support of the plan.
The proposal is in the 2021 budget which was presented by Prime Minister and Finance Minister Mahinda Rajapaksa a short while ago in parliament.
In a letter addressed to the Labour Minister, the association noted that firms that are forced to retain workers for a longer than initially expected period may respond by decreasing their hiring of new staff that will aggravate youth unemployment that is currently at around 18 per cent.
Further it was noted that the EPF contribution will also be extended and the youth contribution to the EPF will fall.
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