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 Missing Persons Commission says no interference from security forces on public sittings
-- [28 minutes ago]
Belarus parliamentary delegation to visit Sri Lanka in November
-- [1 hour and 4 minutes ago]
Sri Lankan government will assist the parties to defend the LTTE ban
-- [7 hours ago]
Sri Lankan President hopes the Deepawali festivities will add to the spirit of reconciliation
-- [7 hours ago]
Sri Lanka business chamber to hold post budget seminar
-- [8 hours ago]
Human-elephant conflict in Sri Lanka claims lives of over 60 people and 250 elephants annually
-- [8 hours ago]
Sri Lanka monk party leaders discuss reform proposals with the President
-- [8 hours ago]
Defense Ministry to conduct survey on lost properties of Sri Lankans in the North
-- [9 hours ago]
Doubts raised on Pope's visit to Sri Lanka amid snap presidential polls
Opposition MPs say election materials are being prepared in Sri Lanka Port Authority Defense Training School

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.