Oct 30, Colombo: Labor Minister of Sri Lanka Gamini Lokuge says there is no problem in Employees Provident Fund (EPF) monies being invested in the Colombo Stock Exchange (CSE).
Lokuge made this comment in response to the allegations leveled by trade unions in the country that the government was gambling with EPF monies and has lost billions of rupees in the stock market.
The Minister told ColomboPage that the Fund is administered by the Central Bank since its inception and any decision on investing its monies were made after discussions with the Monetary Board of the Bank.
Lokuge explained that the Labor Ministry and the Labor Department ensured that the workers were paid their dues from the EPF.
He added that EPF monies have been invested in the stock market by successive governments and that there have been times when some losses have been recorded.
“The share market fluctuates. Sometimes the share prices increase and on other times they fall. It needs to be said that the Fund has also earned profits by investing in the stock market,” Lokuge noted.
However, he ruled out any fear of EPF monies being plundered and said the workers were paid a 12.5 percent interest by the Fund.
“There would not be any problem because it is the Central Bank that is administering the Fund,” Lokuge said.