These Bills aim at extending the retirement age of private sector employees to 60 years. There has not been a set retirement age for most employees in the private sector in particular. Retirement of private sector employees was often based on the terms of the agreement between the employer and the employee.
Accordingly, the “Minimum Retirement Age of Workers” Act, No. 28 of 2021 and “Termination of Employment of Workmen (Special Provisions) (Amendment)” Act, No. 29 of 2021 will come into effect from today onwards.