Presentation on theme: "Civil Servants Pension Scheme K.A. Thilakaratne Director General of Pensions Workshop on Social Protection in Sri Lanka."— Presentation transcript:
Civil Servants Pension Scheme K.A. Thilakaratne Director General of Pensions Workshop on Social Protection in Sri Lanka
Annual Expenditure Year Pensions payments (Rs. Billion) Pensions payments ( as % ) of the Gov. Revenue Pensions (as %)of G.D.P 200020.39.181.5 200125.810.231.5 200230.811.111.8 200331.010.331.8 200436.110.871.8 200547.011.431.8 200659.0 Additional 4 (Total 63) 11.501.9
Major streams of the Public Sector Superannuation Benefits Civil Pension SchemeCivil Pension Scheme Widowers’ & Widows’ Pension SchemeWidowers’ & Widows’ Pension Scheme Public Service Provident FundPublic Service Provident Fund
Public Sector Superannuation Benefit Systems Civil Pension Widowers & Widows Pension Scheme Public Service Provident Fund Other Gratuities Gratuity & Monthly Pension For: a)Public events b)Judicial Officers c)Judges of the Supreme Court & Appeal Court. d)Officers & Servicemen of Army, Navy & Air Force. e)Provincial Public Servants. Monthly Pension For: a) Widows b) Widower’s c) Orphans d) Disabled Orphans a) Lump Sum Payment for non Pensionable Public Servants a)Death Gratuity b)Gratuity for daily paid Employees c)Compensatory Pension to dependants of the deceased Public Servants While on Duty. d)Compensatory Pension to totally incapacitated Pub. Servants due to accidents occurred while on Duty. e)Pension Gratuity to those who have not completed 120 months
Present System Benefits of Civil Pensions 1 Monthly pension 1 Monthly pension 2 Commuted Gratuity 2 Commuted Gratuity 3 Death Gratuity 3 Death Gratuity 4 Special Compensation 4 Special Compensation 5 Compensatory Pension 5 Compensatory Pension 6 Service Gratuity 6 Service Gratuity 7 Daily Paid Service Gratuities 7 Daily Paid Service Gratuities 8 Allowance on Compassionate Grounds 8 Allowance on Compassionate Grounds 9 Injury allowances 9 Injury allowances 10 Charitable Allowances 10 Charitable Allowances
Armed Forces pensions Present System 1 Service pensions 2 Service Gratuity 3 Special Compensation 4 Death Gratuity
Widows Widowers & Orphans Pension scheme History & Legal Background: a)Started in 1885 A.D. b)Widows & Orphans Pension Found Established in 1898. c)Widowers & Orphans Pension Scheme Started in 1906. d)Armed Forces Pension Scheme Started in 1967. e)Disabled Pension System Started in 1981. Contd.
Eligibility a)Holder of a permanent Pensionable Post. b)Valid marriage contracted during the contributory period. c)Minimum period of service is not required. Contd. Contd.
Reasons to Apply a) Death of the contributor. Beneficiaries a) Spouse b) Children up to 26 years c) Disabled Children – Life time Refunds a) Unmarried At retirement – Full Contribution + Compound interest At retirement – Full Contribution + Compound interest Amount Payable Which is the Pension same amount to be paid if the contributor Retired of the date of death. Contd. Contd.
Funding a) Contributor System. b) Employees Contribution. 6%-7% Of their Salary. c)Employer does not contribute any thing during the service. d)Payment will be made on the allocation made by the Annual Budget.