At Work in Colombo

Pension plans in Colombo

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There is a public and private pension system in Sri Lanka and it is administered by Department of Pensions. The private pension fund is primarily the Employees' Provident Fund (EPF).

Old-age benefits aid retired people over age 55 (men) or 50 (women). It is available at any age if the government closes the place of employment, emigrating permanently, or for employed women who marry.

Benefits are paid as a lump sum of total employee and employer contributions plus interest.

Expat Pension Plans

Expats in Sri Lanka are eligible for certain pension schemes if they have completed a certain number of years working in Sri Lanka.

Banks in Sri Lanka have pension plans for expats in which they have to contribute monthly and upon reaching 55-60, they can use the benefit. They can also claim pension benefits from their own country.

A few countries have a bilateral agreement with Sri Lanka that allow for years worked in this country to count to their State pension. Inquire with your state plan about the specifics.

If your country does not allow for years worked in Sri Lanka to count toward your state pension, there may be an opportunity to buy back time once you have returned to your home country and are once again contributing to the pension plan. Again, inquire with your state plan.

Update 22/07/2018


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Go to the Forum to talk more about pension plans in Colombo, at work.

Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).