Sri Lanka's Parliament has passed the Parliamentary Pensions (Repeal) Bill, a landmark legislative move to abolish pension entitlements for Members of Parliament (MPs) and their spouses.

### Key Legislative Developments 📈 • Vote Count: The Bill was passed with an overwhelming majority of 154 votes in favor and only 2 against. • Legal Clearance: The Supreme Court ruled the Bill constitutional, allowing it to be enacted with a simple majority. • Implementation: The Act repeals the _Parliamentary Pensions Law, No. 1 of 1977_, effectively ending a 49-year-old system of political perks. ### Fiscal & Social Context • Scope of Reform: The move affects over 550 former MPs and their dependents who currently receive benefits. • Service Disparity: Previously, MPs qualified for a lifetime pension after just 5 years of service, whereas ordinary state employees require 10 years. • Economic Alignment: The reform is part of a broader crackdown on political privileges, including the recent withdrawal of state-funded housing and vehicles for former presidents. ### Economic Impact • Fiscal Discipline: Portrayed as a cost-saving measure, the savings will be redirected to fund essential public services. • Public Trust: This fulfills a key electoral pledge to dismantle a "privilege-based political culture" amidst the nation’s ongoing economic recovery and IMF-backed restructuring. _Note: This summary is based on provisional legislative data as of February 18, 2026._