Lankapage Logo Recent Top Stories
CP 12 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Amendments to Sri Lanka's retirement fund for the benefit of the employees
Fri, Feb 11, 2011, 08:40 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 11, Colombo: A draft bill has been now tabled in the parliament to enable the members of the Employees' Provident Fund of Sri Lanka to withdraw 30% of the assets for medical treatment or to build a house.

According to the draft bill of Employees' Provident Fund (Amendment) Act, an already employed member of the fund with more than 10 years membership can withdraw 30% of the account if the balance is over Rs. 300,000.

A second and final withdrawal of another 30% can be made ten years after the first withdrawal, according to the draft bill for the same purposes.

The EPF is the largest Social Security Scheme in Sri Lanka with an asset base of Rs.769.3 billion as at December 2009.

The Act defines the types of needs of housing and illnesses for which the withdrawals will be approved.

Minister of Labor Gamini Lokuge tabled the bill in the parliament.



ColomboPage - Recent 10 Stories
Sri Lanka Finance Minister challenges opposition to bring a no-confidence motion against him
-- [43 minutes ago]
Sri Lanka's former Economic Development Minister facing corruption charges returns
-- [5 hours ago]
Sri Lanka parliament postpones debate on 19th Amendment to Constitution
-- [6 hours ago]
Opposition MPs end protest, hand over petition against Bribery Commission DG
-- [7 hours ago]
Former president's supporters protest near Sri Lankan parliament
-- [7 hours ago]
Sri Lankan court permits CID to examine bank accounts of former President's Chief of Staff
-- [8 hours ago]
Tense situation adjourns Sri Lankan parliament
-- [8 hours ago]
Sri Lanka Speaker says Bribery Commission should inform him before summoning MPs
-- [9 hours ago]
Indian fishermen to demand uninterrupted fishing rights in Sri Lankan waters - report
-- [9 hours ago]
Sri Lankan opposition MPs to continue protest until President gives written assurance
-- [9 hours ago]

Copyright © 2000, 2010 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.