2.1 billion rupees allocated through the Kuwait Fund for the Ranaviru pension scheme

Deputy Minister of Foreign Affairs and Foreign Employment, Mr. Aruna Hemachandra, stated in Parliament that the government has taken steps to introduce a more flexible and attractive new pension scheme for Sri Lankan migrant workers. He also mentioned that financial provisions of Rs. 2.1 billion received from the Kuwait Fund have been allocated for this program.

The Deputy Minister revealed this while responding to a private member's motion presented by Member of Parliament Ms. Rohini Kumari Wijerathna.

Providing a more systematic social security system for migrant workers, who are a primary source of foreign exchange for the country, has been the main objective of this "Ratawiru Pension Scheme." Currently, nearly 1.7 million Sri Lankans are engaged in foreign employment, and in 2025, the highest foreign remittances in the country's history have been recorded. However, since only 307 migrant workers are registered under the existing pension scheme, the Deputy Minister pointed out that there was a strong need for urgent reforms in this sector.

Under the proposed new scheme, migrant workers will have the opportunity to choose more flexible pension options based on their period of service and income level. Accordingly, they will be able to receive benefits either as a monthly pension after retirement or as a lump sum payment upon the maturity of the scheme. The government's goal is to achieve significant progress in implementing this "Ratawiru Pension Scheme" before December 31, 2026, utilizing the Rs. 2.1 billion allocated through the Kuwait Fund.

In addition to this, plans are underway to introduce a unique mobile application in collaboration with the Ministry of Digital Technology to digitally record foreign remittances sent to the country by migrant workers through legal channels. This application will enable workers to obtain an official remittance report showing the total amount of money they have sent to Sri Lanka, and based on these confirmed reports, pension benefits will be calculated transparently. This new pension scheme is set to be implemented on a voluntary basis with the participation of the Sri Lanka Bureau of Foreign Employment, the Central Bank of Sri Lanka, and the Ministry of Digital Technology.