The National Pension Service (NPS) signed a memorandum of understanding (MOU) on mutual cooperation with Social Security Board of Sri Lanka (SSB) on June 18.
In the future, the two agencies will exchange information related to the operation of the pension system, share their experience in operating the system through personnel exchanges, and strengthen cooperation systems such as education, training and joint research, an NPS official said.
The signing of the MOU came in response to an active offer by Shayamali Hettiarachchi, deputy director of the SSB who participated in the international training course in May 2017.
Sri Lanka currently operates a social security system in the form of reserves, and despite its faster introduction of the pension system than Korea, it is operating in five different agencies in charge of the system, which requires more efficient management.
"We hope that with the signing of the memorandum, we can learn the know-how of the NPS' 31-year system operation and contribute to the development of Sri Lanka's social security system," said Devaka Weerasinghe, head of SSB.
