Sri Lanka to provide social security for informal sector workers
This was disclosed by labour minister Nimal Siripala De Silva who said, “It is the responsibility of the government to set up a social security benefit scheme for all segments of the country that lack social security or protection. The scheme will provide them with adequate income support in their old age.”
The minister said current labour laws should be adapted to the latest trends and needs in their respective sectors for the benefit of workers.
As such, labour laws related to the life insurance industry will be updated to reflect the latest industry developments for their job security, he said at a discussion recently held at the ministry with representatives of the Whole Island Life Insurance Agents’ Organisation.
Insurance agents said that despite decades of multi-party discussions about the future and labour instability faced by insurance agents, there has been no progress on steps to address it.
The minister said the government is focusing on developing a system for the nearly 45,000 life insurance agents working in the insurance industry in Sri Lanka to provide benefits to the Employee Provident Fund (EPF) and the Employees’ Trust Fund (ETF).
He said efforts have been taken to provide a fast solution to the social security schemes of the life insurance sales agents, and the preparation of the necessary legal framework for this will begin soon, according to Community News.