Sri Lanka’s Social Security System: Pillars of Protection in Times of Change
Sri Lanka’s social security system stands as a testament to the nation’s commitment to protecting its citizens through various life stages and economic uncertainties. As the country navigates through economic challenges and social transformations, understanding the intricate web of social protection mechanisms becomes increasingly crucial for both policymakers and citizens alike. Historical Foundation and Evolution The roots of Sri Lanka’s social security framework can be traced back to the post-independence era, with significant developments occurring throughout the latter half of the 20th century. The system has evolved from basic welfare provisions to a more comprehensive network designed to address diverse socioeconomic needs of the population. The cornerstone of formal sector social security was laid with the establishment of the Employees’ Provident Fund (EPF) in 1958 through Act No. 15, marking the beginning of systematic retirement savings for private sector employees. This was followed by various other initiatives aimed at extending...