Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka Central Bank refutes baseless falsehoods on the activities of private sector retirement fund
Wed, Jun 25, 2014, 01:09 pm SL Time, ColomboPage News Desk, Sri Lanka.

June 25, Colombo: Sri Lanka Central Bank (CBSL) Tuesday dismissed an opposition politician's claim that the government was planning to amend the Employees Provident Fund (EPF) Act to avoid making lump sum payments to retiring employees.

Main opposition United National Party (UNP) MP and Economist Dr. Harsha de Silva has told The Island Tuesday that the EPF with an asset base of Rs. 1.0 Trillion was badly mismanaged and losses were mounting.

Referring to the politician's claim, the Employees' Provident Fund Department of the CBSL said it categorically rejects all the accusations and insinuations leveled at the EPF by this politician and contained in The Island's story on the June 24 titled "EPF Act to be amended to avoid making lump sum payments to retiring employees".

The assertion that the EPF Act is to be amended to discontinue the lump sum payment method currently being adopted on account of the alleged liquidity constraints faced by EPF is absolutely false, the Employees' Provident Fund Department said in a statement.

The claim that EPF is in danger of facing a liquidity constraint in the near future is also an utter falsehood, it said.

"Further, the EPF wishes to inform its members and the general public not to be misled by these regular and vituperative allegations made by a certain politician with obvious political motives," the EPF Department said.

The EPF Department said the Fund is prudently and professionally managed in line with laid down policies, guidelines, and structures by professionally qualified staff, and there have been absolutely no losses incurred by EPF in its entire history.

The profits of EPF in absolute terms have increased from Rs.107.5 billion in 2010 to Rs.125.9 billion in 2013, the statement noted.

For the past 5 year period alone The EPF has earned profits of Rs.558 billion, the CBSL statement said.

The EPF Department said in evaluating the performance of a provident fund, the total returns of the fund must be considered, without dissecting the individual items in a large portfolio, on a selective or piece-meal basis.

ColomboPage - Recent 10 Stories
Japan assures Sri Lanka full cooperation to strengthen the manufacturing economy - Finance Minister
-- [41 minutes ago]
Government to implement housing program for kidney patients
-- [52 minutes ago]
Fitch to host Sri Lanka Sovereign and Corporate Forum
-- [1 hour and 9 minutes ago]
Sri Lanka peace NGO says credibility of transitional justice mechanisms is essential
-- [1 hour and 26 minutes ago]
No epidemics in Sri Lanka after floods, health official assures
-- [2 hours ago]
MCB donates Rs. 1 million to Sri Lanka - Pakistan Trade and Investment Association for flood relief efforts
-- [2 hours ago]
Dialog connects Sri Lanka to ultra-high speed 100G-Plus submarine cable
-- [3 hours ago]
Sri Lanka PM reveals plans to launch housing programs beneficial to people
People's Leasing & Finance PLC rings opening bell at Colombo Stock Exchange to celebrate 20th anniversary
Jayalalithaa writes to Indian PM on Sri Lanka Navy arresting Indian fishermen

Copyright © 2000, 2014 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.