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Extend retirement period in Sri Lanka, says CB Vote_lcap16%Extend retirement period in Sri Lanka, says CB Vote_rcap 16% [ 43 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Extend retirement period in Sri Lanka, says CB

Extend retirement period in Sri Lanka, says CB

+3
Kithsiri
zenobia
CSE.SAS
7 posters

Go down  Message [Page 1 of 1]

CSE.SAS

CSE.SAS
Global Moderator

Sri Lanka, to reap the benefits of the long lasting second demographic dividend (ageing population), should adopt appropriate policy options such as altering retirement benefits to increase the number of years of work.

These options should also include legal provisions and cultural changes to discourage age discrimination, and continuous human capital development to encourage the adopting of necessary skills to suit the needs of a transforming economy, to motivate the ageing population to work longer, the Central Bank (CB) said in a special report on demographic changes.

A second demographic dividend arises to the extent that the individuals and policy makers are forward looking and respond effectively to the demographic changes that will occur in the future. The 2011 Census of Population and Housing reported a total population of 20.26 million indicating that the annual average growth rate of the population had declined to 0.7 per cent during the ‘inter-censal’ period of 2001 to 2012 from 1.2 per cent during the ‘inter-censal period’ of 1981 to 2001.
“This is mainly attributed to declining birth rate, low death rate and an increase in out migration, reflecting the demographic transition of the population,” the CB said.

The age structure transition follows the demographic transition and involves a shift from young to old age. According to the trends, Sri Lanka is experiencing the first demographic dividend with a larger working age population which could raise total GDP, if productively is employed. With elderly persons defined as above 65 years, the demographic dividend stared in 1991 and is expected to continue until 2030. However, if elderly persons are defined as above 60 years (which is the mandatory retirement age in Sri Lanka), the demographic dividend will last only until 2017 (De Silva, 2012).

Countries that have experienced the first demographic dividend have a stable macroeconomic environment, have adopted strategies to absorb the rapidly growing workforce, including greater female labour force participation and have implemented policies to encourage high savings and investments, thereby being able to produce favourable economic results and higher per capita income.The second phase of demographic transition will occur when the current working age population shifts to an elderly population, creating the potential for the “second dividend” of the demographic transition to take place.

Economists argue that the prospects of a longer life and an extended period of retirement, act as a powerful saving incentive in the absence of widespread social security and family support systems. Therefore, population ageing raises the population share of the elderly who hold more assets than others, resulting in higher wealth accumulation and asset income. This generates higher capital per worker, boosting labour productivity and resulting in greater output levels.
http://www.sundaytimes.lk/130414/business-times/extend-retirement-period-in-sri-lanka-says-cb-40646.html

zenobia


Manager - Equity Analytics
Manager - Equity Analytics

they are going to work them to death and kill them while at work! pardon my bluntness

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

zenobia wrote:they are going to work them to death and kill them while at work! pardon my bluntness
Yes, they can steal more from EPF & ETF. Very Happy

glad


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Yeah &they can cut on pension of the poor old ........

Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

This is a good idea to lengthen the retirement age to 58- 60.
Some reasons:

- The Y generation have multiple degrees and n multi- disciplines but lack the experience.

- Gender issues are in the process of being sorted out and will take time to ensure no partiality takes place. ( Maternity leave is a major deterrent to recruitment of Key Staff)

- Lack of trained specialists in every field who have a well rounded knowledge of their area of interest and not a mere gleaning of scraps of information only.

- Continuity and Risk Management is another key element in deciding to extend the retirement age.

- The Y generation (so called) love the glamour but hate the gory!

- There are very good and smart people among the y generation but lack good a dedicated mentors.

- the new breed of job seekers do not want to do dirty work. However, 70 % experience comes from doing dirty work.

- Every new job entrant wants to be greater than the interviewer with the next five years. Most want to be the CEO within ten years.

- At home these kids don't do a drop of work and don't have the life to do a simple chore and they want to run a company.

- Wisdom is with the aged ones, practicality is embedded in every decision.

- Having the experienced ones around for a few more years is good for the company.

zenobia


Manager - Equity Analytics
Manager - Equity Analytics

the work environment of most private and govt. sector workers in sri lanka is lamentable to say the least, when considering their occupational and otherwise health, likability and livability etc..many end up in aquiring so called diseases of chronic stress such as diabetes ,increased blood pressure, heart diseases etc. by the age of 50 years and are generally "sick" of working for long years. workng over 55 years in such unpleasent conditions should only be voluntary and not mandatory.
mentoring inexperianced young crowd can be arranged even while in retirement.

i can guess another good reason why CB wants people to work mandatorily till 60+ years. most of those who retire after extended periods like that will die soon after retirement and will be less of a burden to pensions dept/hospitals. hence my previous post "they want to kill them at work". what a way to save money to spend on corrupted and wasteful projects!! and this is supposed to be a mainly buddhist society!! i am astonished.

zenobia

Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

PS:

The older folk also know how to work smart.
They can reduce the costs and generate new ideas to streamline and simplify.
True, the younger GEN have the energy and vitality with TEC savvy background. However, carefully integrating the young will get the best benefits.

One day, each worker will pay for his own retirement and social costs.
He or she may have to stop leaning on the Govt. or company.
Workers will be looked aft well only during their working life.
So the solution is to start saving.
Tell the younger folk to save and you may a barrage of unintelligible static.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Rocky wrote:PS:
One day, each worker will pay for his own retirement and social costs.
He or she may have to stop leaning on the Govt. or company.
Workers will be looked aft well only during their working life.
So the solution is to start saving.
Tell the younger folk to save and you may a barrage of unintelligible static.
Yes, you are 100 % correct.
The Younger should be taught " Pay You First " concept early in their working life to free themselves from retirement worries 30 years down the line.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Oh yes, Well said.

Kithsiri wrote:
Rocky wrote:PS:
One day, each worker will pay for his own retirement and social costs.
He or she may have to stop leaning on the Govt. or company.
Workers will be looked aft well only during their working life.
So the solution is to start saving.
Tell the younger folk to save and you may a barrage of unintelligible static.
Yes, you are 100 % correct.
The Younger should be taught " Pay You First " concept early in their working life to free themselves from retirement worries 30 years down the line.

SPD


Stock Trader

check the link http://chartsbin.com/view/2468 to get an an idea as to what the world is doing

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