Deputy Minister of Foreign Affairs and Foreign Employment Arun Hemachandra announced the proposal in Parliament on Friday (10) while responding to a private member’s motion.
Pension Scheme to Offer More Choices
The proposed scheme will replace the current one-size-fits-all approach.
Instead, it will calculate benefits based on each worker’s income and years of overseas employment.
Workers can choose a monthly pension after retirement or receive a lump-sum payment when their plan matures.
The Government expects these options to attract more participants.
Digital App to Verify Remittances
The Government also plans to introduce a mobile application with support from the Ministry of Digital Technology.
The app will generate official records of money that workers legally send home.
Officials will use those records to calculate pension benefits more accurately and transparently.
Current Scheme Has Low Participation
Around 1.7 million Sri Lankans currently work overseas.
The country recorded its highest annual foreign remittance inflow in 2025. However, only 307 migrant workers joined the existing pension scheme.
Hemachandra said the Kuwait Fund has allocated Rs. 2.1 million for the Rataviru Pension Scheme.
He expects the programme to make significant progress before 31 December 2026.
The Sri Lanka Bureau of Foreign Employment, the Central Bank of Sri Lanka and the Ministry of Digital Technology will jointly manage the new scheme.
The Government will announce further details, including eligibility, contribution rates and implementation timelines, before the program begins.
Government Decisions Ministerial Update
Last modified: July 10, 2026
