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* Cabinet approval sought to monitor Sri Lanka private sector retirement fund
Mon, Mar 3, 2014, 02:18 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 03, Colombo: The Labor Ministry of Sri Lanka is waiting for recommendations from the National Labor Advisory Council (NLAC) to seek Cabinet approval to monitor the private sector retirement fund, the Employees Provident Fund (EPF).

The Labor Ministry will prepare the cabinet memorandum to monitor the investment of monies of the EPF.

The Ministry said that it believes EPF monies should be invested with the consent of the Labor Ministry, employers and the government.

Labor Ministry Secretary W.J.L.U. Wijeweera has said the NLAC has been consulted on the matter and appropriate steps would be taken once the recommendations are made.

Decisions on the EPF are currently vested with the Monetary Board of the Central Bank of Sri Lanka.

However, there have been many questions raised by opposition political parties on the investments made by the EPF.

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