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    Government formulates New Scheme for Pension Gratuity payments

    March 25, 2014

    Pension Gratuity payments to retiring public sector employees will be given through state banks as an interest free loan to be deducted  in a span of 18 years said Dr.P.BJayasundara, Secretary to the treasury.

    During a media briefing held a the Government Information Department in Colombo on Tuesday, Dr. P.B. Jayasundara explained the pros and cons of the new and old systems used to make gratuity payments to state employees upon their retirement.


    Dr. Jayasundara said, “The gratuity payments were made on the basis that 60 percent would be charged over ten years without interest and that 40 percent would not be charged. With the new scheme the pensioners will receive interest-free capital as their gratuity via the Bank of Ceylon, People's Bank or the National Savings Bank expeditiously.".


    With the payment of gratuity through state banks, Pensioners will get an opportunity to  plan their future o,,ediately they retire and be active partners of the country's development process added Dr.Jayasundara.


    Last modified on Tuesday, 25 March 2014 11:15

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