Parliamentary pension scheme was introduced in 1977 by the then National State Assembly (NSA) which retroactively included every member of the State Council of Ceylon and NSA since July 1931. Under a special provision of the constitution, all executive presidents including JR were also given a pension scheme, which is equal to the last payroll; better than 1/3 of the salary for 5 years of “service” or 2/3 for 15 years (this is what MPs get) indeed!
Beneficiaries were added to the act with the 3rd amendment in 1990: her/ his child will become a beneficiary provided she/ he is legally handicapped (mentally/ physically), following the spouse. I’m quite certain that Daham, Chi Chi and many more will be benefitted by this amendment. #ifyougetwhatImean
When you compare it to the welfare state system of the UK you realise that it’s also related to the length of service (not the penis). Having said that it’s now regulated by an independent committee. Currently it’s a fairly complex deal with the introduction of CARE. Prior to this, for each year of service, a pension accrued at 1/40th of the member’s total annual remuneration, but was “not payable until age 65, nor can they draw their pensions until they cease to be MPs”.
At every debate on Sri Lankan MPs’ pension scheme, they seem to always argue that its worthless and so tiny that there’s nothing they can do with 1/3 of the salary (which is less than LKR 20000). The same bunch is now requesting to tweak eligibility criteria to 4 years of service (because 62 young boys and girls aren’t eligible to enjoy the pension this year).
I’m so worried about them and anxious that they may not be able to pass this amendment.
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