Co-operative Employees’ pension Ordinance No. 02 of 2019 of ‘the Southern Province is a legal document that provides necessary provisions to award a pension for the Co-operative employees of the Southern Province. This ordinance was approved by the Hon. Governor of the Southern Province on 01.04.2019 and it is effective from that date. A person who has completed 60 years after contributing to the pension scheme is entitled to be awarded a pension as per section 11(1) of the ordinance. Accordingly, the main role of the pension division of the Southern Provincial Department of Co-operative Development is to regulate the process of awarding pensions and imposing provisions in accordance with the legal framework, policies and decisions including the Southern Province Co-operative Employees’ Pension Ordinance and its regulations.
Continuous payment of monthly pension benefits and lump sum benefits with accuracy.
Collection and management of pension contributions and other income.
Prepare annual financial statements, prepare budgets and present progress to the Pension Advisory Committee.
Adherence to fiscal policies and financial norms in granting and disbursing pensions.
Optimum investment of surplus funds for long term survival of pension fund.
Ensuring employee's future security.
Ensuring business continuity.
Retention of skilled and experienced staff members in cooperative business.
Streamlining and making efficient human resource activities including recruitment and promotion of societies.
Implementation of an efficient cooperative business in the Southern Province.
Strengthening the rural economy and contributing to national economic development.