Sri Lanka moves to amend private sector EPF system

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s cabinet of ministers has approved a proposal to instruct the Legal Draftsman to prepare a bill to amend the Employees’ Provident Fund Act based on recommendations by the Central Bank.

“Although certain provisions have been amended from time to time, the Act should be amended further to provide quality and efficient service while minimizing the difficulties faced by members, in line with the current social, economic and technological changes,” Media Minister and Cabinet Spokesman Dr Nalinda Jayatissa said.

The Employees Provident Fund Act No. 15 of 1958 was introduced to establish a fund for the social security of employees in the private and semi-public sectors who are not entitled to a pension.

The Fund, a forced saving scheme of private sector workers, covers over 2.5 million members and has assets exceeding 4.9 trillion rupees.

The general administrative activities related to the Act are to be carried out under the Commissioner General of Labour.

The Monetary Board of the Central Bank of Sri Lanka acts as the trustee of the fund.

Critics have pointed out that this creates an inherent conflict when the same institution oversees regulatory functions and operational fiscal activities.

The Department of Labour has prepared a preliminary draft, Jayatissa said.

-economynext.com

Editor_1
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