Sri Lanka to introduce amendments to the EPF Act next year

Dec 16, Colombo: Labor Minister of Sri Lanka Gamini Lokuge says the government would present amendments to the Employees’ Provident Fund (EPF) Act to parliament next year.

Lokuge told ColomboPage that the amendments are to provide a loan facility for the account holders of the EPF, the retirement fund of the country’s workforce, at concessionary rates if they have over Rs. 300,000 in their accounts, to introduce a social insurance and a pension scheme and to find investments to construct a building for the Pension Fund.

The Minister denies the allegation made by the main opposition United National Party (UNP) in parliament that the government was trying to re-introduce the controversial private sector pension scheme that was withdrawn earlier in the year.

Lokuge observed that the amendments have been agreed to by all stakeholders, received approval by the parliamentary consultative committee and the Cabinet of Ministers.

“It is the UNP that has said they were agreeable to a private sector pensions’ scheme if introduced with good amendments. However, the government would consider only if the UNP makes a proposal,” Lokuge added.

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