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
Five new envoys to Sri Lanka present credentials to President
-- [2 hours ago]
Committee to Protect Journalists concerned over Sri Lanka's move to re-establish media regulatory body
-- [3 hours ago]
Sri Lanka Tourism search for top global ad agency to promote tourism
-- [3 hours ago]
Judicial order to examine the former Sri Lankan diplomat's container
-- [4 hours ago]
Sri Lankan Army officer ready to plead guilty for conspiring to assassinate the former President
-- [5 hours ago]
Sri Lanka PM says COPE report on Central Bank bond issue illegal
-- [6 hours ago]
Sri Lanka Supreme Court justice arrested over assault, granted bail
-- [7 hours ago]
Sri Lankan President imposes conditions on former president Rajapaksa's nomination
-- [8 hours ago]
Sri Lanka AG Approves arrest of Supreme Court judge accused of assaulting a maid
Former monitoring MP Sajin Vaas Gunawardena denied bail again

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.