Sri Lankan government asked to postpone amendments to the retirement fund act

Jan 06, Colombo: The main opposition of Sri Lanka United National Party (UNP) has called on the government to postpone the presentation of amendments to the Employees’ Provident Fund (EPF) Act.

UNP MP and Economist Dr. Harsha de Silva said the government is planning on presenting amendments to the EPF Act in parliament on the 18th and that the UNP called on the government to postpone it.

He observed there was no urgency in introducing these amendments and that a broad social discussion needed to be held about the matter.

He noted that the government’s attempt to introduce such legislation last year resulted in the death of a young free trade zone worker, Roshen Chanaka.

De Silva pointed out that the legislation needed to receive the approval from the National Labor Advisory Council (NLAC), intellectuals and political parties.

He explained that the EPF was managed by the Labor Commissioner while the Central Bank acts as its custodian and certain amendments being included by the Labor Ministry could not be accepted.

“The government is trying to first introduce amendments to the EPF Act and then to get approval for the private sector pension scheme bill. That would not be allowed,” Dr. de Silva said.

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