Kuwait Fund provides Rs. 2.1 bln support for migrant workers’ pension scheme

Foreign Affairs and Foreign Employment Deputy Minister Arun Hemachandra has stated that a more structured and attractive pension scheme for migrant workers will be introduced expeditiously.Speaking in Parliament yesterday (10), the Deputy Minister emphasized that migrant workers are a vital force behind Sri Lanka’s national economy.He further noted that while approximately 1.7 million Sri Lankans are currently engaged in foreign employment and the year 2025 recorded the highest-ever foreign remittance inflows in the country’s history, only 307 workers have registered under the existing pension scheme.The Deputy Minister stated that the government has initiated steps to introduce a new pension mechanism after identifying shortcomings in the benefits offered under the current system.Under the proposed scheme, instead of applying a uniform system to all workers, flexible options will be introduced, allowing workers to select benefits based on their period of service and income levels.Accordingly, workers will have the option of receiving benefits either as a monthly pension after completing their service period or as a fixed lump-sum payment upon maturity.The Deputy Minister also announced that Rs. 2.1 billion has been allocated through the Kuwait Fund for the migrant workers’ pension mechanism, and that the government is committed to making significant progress in implementing the scheme before December 31, 2026.As part of the technological transformation of the program, arrangements are being made in collaboration with the Ministry of Digital Technology to introduce a dedicated application to obtain migrant remittance reports and ensure the accurate recording of legally transferred remittances sent to Sri Lanka by migrant workers.Through this system, every worker will be able to obtain an official statement of the total remittances they have sent, and their eligible pension benefits will be determined transparently based on verified remittance records, the Deputy Minister stated.He further emphasized that the entire welfare program will be implemented solely with the voluntary participation of workers and expressed confidence that it will be successfully carried out through the joint efforts of the Sri Lanka Bureau of Foreign Employment, the Central Bank of Sri Lanka, and the Ministry of Digital Technology.