The Cabinet of Ministers has given the approval to amend the Social Security Tax Act to exempt the purchasing of paddy

The Cabinet of Ministers has given the approval to amend the Social Security Tax Act to exempt the purchasing of paddy, and the production and sale of rice from the tax. The proposal was tabled by President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policy.
Meanwhile, the Cabinet of Ministers has also granted approval to establish a National Contributory Pension Fund for new public service employees and those who have joined the public service after January 2016, with an 8% contribution from the employee and 12% from the employer.