The Cabinet has approved to increase the minimum retirement age for the private sector to 60 years.
Accordingly, a Bill will be drafted to amend the existing minimum retirement age for private sector employees. The amendment to this Act was approved by the Cabinet at its meeting held on March 8, 2021.
The Preliminary Draft has been further discussed with the participation of all relevant parties in the Study Committee on Policy and Legal Issues Affecting the Apparel Industry Trade Sector appointed by the Prime Minister.
This decision has been taken as per the agreement reached in that committee.
Accordingly, the retirement age of employees below the age of 52 years will be extended to 60 years on the effective date of the proposed Act.
Provisions will be included to enable employees aged 58 or over on the date of implementation of the Act to be employed up to a maximum of 59 years under three categories according to their age.
The proposal made by Hon. Minister of Labor, to proceed with the relevant activities, was approved by the Cabinet.
