Introduction
Population ageing is a global phenomenon, and Sri Lanka is no exception. As the elderly population grows, addressing their welfare becomes crucial. In this article, we explore Sri Lanka’s unique case study, focusing on the challenges faced by senior citizens, the existing retirement protection systems, and the need for extending retirement cover.
Demographic Developments in Sri Lanka
- Sri Lanka experiences rapid population ageing, unprecedented in the world.
- The availability of good quality time series data allows us to analyze income, expenditure, and labor force status of the elderly.
Current Status of the Elderly
- Despite advances in health and education, social security coverage remains inadequate.
- Formal retirement institutions primarily benefit a minority of better-off elderly individuals.
- Traditional family support systems are eroding due to out-migration and changing family dynamics.
Retirement Protection Systems
- Sri Lanka’s social security coverage is relatively high by regional standards but low compared to per capita income.
- The mandatory retirement age for government officials is 60 years, after which retirement is compulsory 1.
- Extending access to social security benefits is essential, especially for vulnerable groups.
Gender Considerations
- Policies to expand social security coverage are likely to disproportionately benefit women.
- Ensuring adequate welfare for elderly women is crucial.
Challenges and Recommendations
- Sri Lanka must address the financial stress on social security systems caused by increasing elderly populations and rising life expectancy 2.
- Comprehensive reforms are needed to enhance retirement protection and promote the well-being of senior citizens.
In conclusion, Sri Lanka faces significant challenges related to ageing, social security, and retirement. Policymakers must prioritize comprehensive solutions to ensure a dignified and secure life for our senior citizens
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