Migrant Workers Pension Scheme

Migrant Workers Pension Scheme

This pension and social security scheme is jointly introduced by the Sri Lanka Social Security Board and the Sri Lanka Foreign Employment Bureau in order to ensure the social security of migrant workers, providing them with the financial protection they need to lead a dignified retirement. Accordingly, the "Migrant Workers" pension scheme is being implemented for expatriate workers between the ages of 18 and 59 who are registered with the Sri Lanka Foreign Employment Bureau.

Benefits

Monthly Pension

The member is entitled to a monthly pension from the age of 60 years until the end of life.

Pension for Spouse or Nominee

If the member dies after becoming a pensioner but before reaching 80 years of age:

  • The spouse or a nominee is entitled to the monthly pension until the member would have reached age 80.
  • In the absence of a spouse or nominee, the member’s inheritors may withdraw the net contribution and interest deposited in the member’s account.

Death Gratuity

In case of death before retirement (before age 60) as a result of accident or illness, a death gratuity and the money deposited in the member’s name together with accrued interest will be paid to the inheritors.

If an expatriate dies abroad while contributing to this pension scheme, the spouse or a dependent will be entitled to the pension and other scheme benefits from age 60 onwards.

Permanent Partial Disability Benefits

Gratuity is payable for permanent partial disability resulting from an accident or illness.

Permanent Total Disability Benefits

In the event of permanent total disablement due to accident or disease, the member is entitled to a monthly pension from that date until death without further installment payments.

Retirement Gratuity

When a member receives benefits on completion of 60 years of age (with the first pension payment), they will be paid a retirement gratuity equal to 5% of the total amount remitted in foreign currency by the member for this pension scheme, calculated at the exchange rate on the date the contribution requirement is completed.

Additional Facts

  • The first installment is made after expatriation and subsequent installments must be made in US dollars (USD) or in the currency of the country of employment (an amount equal to the premium calculated as Table).
  • If applicants wish to begin paying installments before departing, they may pay the first installment in Sri Lanka Rupees only.
  • Applicants may choose one of the following installment options:
  • Payment in one installment (lump sum)
  • Payment within two years in monthly or quarterly installments
  • Payment within three years in monthly or quarterly installments
  • Payment within four years in monthly or quarterly installments
  • Payment in five annual installments within five years

Members who pay on a monthly or quarterly basis for periods of two, three or four years must complete the required installments within the prescribed period to be entitled to permanent partial disability or permanent total disability benefits.

If an expatriate worker terminates overseas employment and returns to Sri Lanka before completion of the relevant period, they may continue to pay installments either in foreign currency or in Sri Lanka Rupees according to their choice.


Bank Account Details for Crediting Premiums

Account Name: Sri Lanka Social Security Board
Bank: People's Bank
Branch: Nugegoda
Account Number: 174402140350212
SWIFT Code: PSBKLKLX023

Table of Installments for a Rs.1,000 Monthly Pension

Age Lump Sum Payment (Rs.) Within 2 years – monthly (24) Within 2 years – quarterly (8) Within 3 years – monthly (36) Within 3 years – quarterly (12) Within 4 years – monthly (48) Within 4 years – quarterly (16) Within 5 years – annual (5)
18 3,800 188 563 136 408 110 331 925
19 4,100 204 613 147 442 121 363 1,000
20 4,500 221 663 161 483 131 394 1,100
21 4,900 242 725 175 525 144 431 1,200
22 5,300 263 788 192 575 156 469 1,300
23 5,800 288 863 208 625 171 513 1,425
24 6,300 313 938 228 683 185 556 1,550
25 6,900 342 1,025 247 742 202 606 1,700
26 7,500 371 1,113 269 808 221 663 1,850
27 8,200 404 1,213 294 883 242 725 2,025
28 8,900 442 1,325 322 967 263 788 2,200
29 9,700 483 1,450 350 1,050 288 863 2,400
30 10,600 525 1,575 383 1,150 313 938 2,625
31 11,600 575 1,725 417 1,250 342 1,025 2,850
32 12,600 625 1,875 456 1,367 373 1,119 3,125
33 13,800 683 2,050 497 1,492 406 1,219 3,400
34 15,000 746 2,238 542 1,625 444 1,331 3,700
35 16,400 813 2,438 592 1,775 485 1,456 4,050
36 17,900 888 2,663 647 1,942 529 1,588 4,425
37 19,500 971 2,913 706 2,117 579 1,738 4,825
38 21,300 1,058 3,175 772 2,317 631 1,894 5,275
39 23,300 1,158 3,475 842 2,525 690 2,069 5,750
40 25,400 1,263 3,788 919 2,758 754 2,263 6,275
41 27,800 1,379 4,138 1,006 3,017 825 2,475 6,875
42 30,300 1,508 4,525 1,100 3,300 902 2,706 7,500
43 33,100 1,650 4,950 1,203 3,608 902 2,706 8,200
44 36,200 1,804 5,413 1,203 3,608 988 2,963 8,975
45 39,600 1,804 5,413 1,317 3,950 1,079 3,238 9,800
46 43,300 1,975 5,925 1,439 4,317 1,183 3,550 10,750
47 43,300 2,158 6,475 1,578 4,733 1,296 3,888 10,750
48 47,400 2,367 7,100 1,728 5,183 1,421 4,263 11,750
49 51,800 2,592 7,775 1,894 5,683 1,558 4,675 12,875
50 56,800 2,842 8,525 2,078 6,233 1,708 5,125 14,125
51 62,200 3,117 9,350 2,278 6,833 1,877 5,631 15,475
52 68,200 3,417 10,250 2,503 7,508 2,063 6,188 16,975
53 74,800 3,754 11,263 2,750 8,250 2,269 6,806 18,650
54 82,000 4,125 12,375 3,025 9,075 2,498 7,494 20,500
55 90,100 4,538 13,613 3,331 9,992 2,752 8,256 22,550
56 99,000 4,996 14,988 3,669 11,008 - - -
57 108,900 5,504 16,513 - - - - -
58 119,900 - - - - - - -
59 132,100 - - - - - - -

Eligibility 18–59 years

Expatriate workers registered with the Sri Lanka Foreign Employment Bureau are eligible to join this scheme.

Comprehensive Protection

Monthly pension from age 60, death gratuity, disability benefits, and protection for inheritors are provided.

Retirement Gratuity 5%

Members receive a retirement gratuity equal to 5% of total foreign currency contributions at the time of benefit commencement.