Press briefing of Cabinet Decision taken on 2011-02-09

Funds for the payment of Farmers Pension of the Agriculture and Agrarian Insurance Board and the Insurance Payment for Crop Damages

- the Agriculture and Agrarian Insurance Board deals with the Farmers' Pension Scheme, Fishermen's Pension Scheme and the Social Security Benefit Scheme. With the view to restructure this institute, this has been assigned to the Ministry of Finance and Planning from 2010. On a proposal made by H.E. the President, it is intended to establish a stable Citizens' Pension Insurance Fund to provide more benefits to those employed in the fields of agriculture, fisheries, transport, construction industry and also in the self-employment sectors and steps have been taken to amalgamate the National Insurance Trust Fund and the Agriculture and Agrarian Insurance Board as an initial step. The legislation for the purpose will be finalized by the end of March 2011. Until such time the new institution is established, Cabinet approval was granted to provide Rs.347.5 million for the payment of Farmers' Pension for the three (03) months from January to March 2011.