The Cabinet has granted approval to revise the mandatory retirement age of employees in State-Owned Enterprises (SOEs) to 60 years.
Approval has also been granted to issue a circular amending the retirement age of state sector employees to 60 years effective from January 2023.
As proposed by the Supplementary Budget 2022 passed by Parliament, the compulsory retirement age of employees serving in State – Owned Enterprises is to be revised to 60 years.
Accordingly, the Cabinet of Ministers granted approval to the proposal submitted by President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization, and National Policies to issue a circular in this regard.
As per the proposal, the circular will be issued with effect from 01st January 2023. (NewsWire)