June 05, Colombo: Sectoral Oversight Committee on Foreign Employment and Labor has instructed the official representing the Central Bank to submit a report on the institutions in which the money pertaining to the Employees Provident Fund has been invested.

This directive was given at the Sectoral Oversight Committee on Foreign Employment & Labor held recently in Parliament under the Chairmanship of Hector Appuhamy.

Accordingly, the Chair instructed that a report including the money collected, invested, the losses and profits made and the institutions in which the money pertaining to the Employees Provident Fund has been invested and the way in which it such investments has been made within last 10 years to be submitted to the Committee within two weeks.

The Committee Chair stated that as these are the money of the people, a smooth and more efficient process must be established which will benefit those who wish to take their EPF post-retirement without any hassle. Accordingly, the Committee decided to call experts related to the subject to decide on a better mechanism and a way forward.

The Committee expressed their disappointment given the delays that occur when depositing the EPF to its respective applicants. While acknowledging the necessity for a central database to make the process smooth, the Department of Labor disclosed that certain government institutions and Regional Plantation Companies have failed to pay the due EPF and has not been held to account.

Accordingly, the Sectoral Oversight Committee on Foreign Employment & Labor instructed that the Government institutions and Regional Plantation Companies responsible be called before the Committee to further look into the matter.

The Committee also met on the 24th for the second consecutive date. Here, the National Institute of Labor Studies submitted its Annual Report for the year 2020 to the Committee Chair.

Committee Members Dilan Perera, Faizal Cassim, Milan Jayathilake, Samanpriya Herath and Members of Parliament Dr. V. Radhakrishnan, M. Udayakumar, K. Sujith Sanjaya Perera, Vadivel Suresh, Velu Kumar were present at the Committee meeting held.