Sri Lanka offers a variety of social programs to help workers. These programs can seem complex, but knowing what’s available can be a big advantage for you and your colleagues. Let’s break down some of the important benefits you might be eligible for.
1. Employees’ Provident Fund (EPF):
This is the foundation for retirement savings in Sri Lanka. This mandatory program works like a team effort: both you and your employer contribute a portion of your monthly salary. These contributions build up over time, creating a financial cushion you can access when you retire, resign, or experience permanent disability.
Key Details:
- Contribution Rate: Currently, employers and employees should contribute 12% and 8% accordingly of the monthly gross salary.
- Accessibility: Females can withdraw funds upon reaching 50 years and males at 55.
- Additional Benefits: Schemes like “Advance Payment” and “Loan Facility” help manage emergencies or purchase assets.
2. Employees’ Trust Fund (ETF):
Launched in 1981, this voluntary, yet highly encouraged, scheme supplements your EPF, further boosting your retirement savings.
Key Details:
- Contribution Rate: Employers should contribute 3% of an employee’s monthly salary.
- Accessibility: You can withdraw your balance with interest and dividends earned, but only after your employment ceases (retires, resigns, etc.). There’s a 5-year wait between withdrawals, except for special cases like reaching 60 years old, permanently emigrating, joining government service with a pension, permanent disability, or in the unfortunate event of the member’s death.
3. Maternity Leave Entitlement:
Female employees rejoice! You are entitled to 12 weeks of paid maternity leave, with job security upon your return.
Key Details:
- Leave Duration: 84 days (12 weeks)
- Application Process: Submit written notice to your employer at least 1 month before the expected delivery date.
4. Workmen’s Compensation Scheme:
The main objective of a workmen’s compensation scheme is to offer financial security to employees who are injured on the job. This includes injuries that happen during work hours, while traveling directly from home to work, or while returning home after work. This financial support helps ease the burden of lost wages and medical expenses that can arise from work-related injuries.
Key Details:
- Benefits: Includes medical expenses, temporary and permanent disability benefits, and dependents’ allowances in case of death.
- Administration: Managed by the Department of Labour.
- Eligibility: Covers registered employees who suffer work-related injuries or illnesses.
Beyond the Schemes:
Remember, this is just a glimpse into the welfare schemes available. Depending on your industry, company size, and individual circumstances, additional benefits and schemes might exist. To ensure you don’t miss out:
- Consult Your Employer’s HR Department: They are your go-to source for details about company-sponsored benefits and can guide you through the application process for relevant schemes.
- Visit Government Websites: Official websites of departments like the Department of Labour and Department of Social Services offer comprehensive information and application forms.
- Seek Professional Advice: For specific questions or personalized guidance, consider consulting a legal professional or financial advisor specializing in labor laws and social security benefits.
By understanding and accessing these welfare schemes, it lets you take advantage of valuable benefits that can strengthen your financial future and the well-being of your family.
Additional Resources:
- Department of Labour: https://labourdept.gov.lk/
- Employees’ Provident Fund: https://epf.lk/
- Employees’ Trust Fund: https://etfb.lk/
