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's Port City to draw first investment of USD 1 bn in mid-2018
-- [3 hours ago]
Sri Lanka to sign an economic cooperation agreement with South Korea during President's visit
-- [3 hours ago]
President to issue government's final stand on SAITM next week
-- [3 hours ago]
Sri Lanka and U.S. governments launch $ 12 million 'YouLead!' youth employment program
-- [5 hours ago]
Sri Lanka military offers another amnesty period for Army deserters
-- [6 hours ago]
Supreme Court indefinitely postpones decision on former chief Justice's petition on PC election act
Prime Minister criticizes media for publishing fabricated news
Northern protesters meet President for discussions on Tamil prisoners
Indonesian Naval Ship arrives at Sri Lanka port on a goodwill mission
Human Rights Watch makes submission concerning Sri Lanka's military occupation of schools to UN Committee on the Rights of the Child

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.