Contributory Pension Fund
Budget Speech para. 323: "With the changes in the demographics, we must seriously look into the pension schemes in the country. Honourable Speaker, as I have said before, the government's unfunded pension scheme is a time bomb waiting to explode. As spelt out in the 2016 budget we took clear steps to initiate a contributory pension scheme which is now in effect for which I propose to allocate Rs. 1,000 million. Contrary to popular belief, this is not the government trying to abscond its responsibilities; instead this is the work of a responsible government"
- Allocation (Rs. Mn) : 1,000
- Sector : Social Welfare
- Ministry / Government Institution : Ministry of Public Administration and Management
Openness Tracker Responsive
The Department of National Budget provided information on the progress of the scheme.
Progress Tracker Broken
Steps are being taken to draft a new Public Pension Act in order to facilitate legal provisions to create the Contributory Pension Fund.
Sources of Information