Lankapage Logo CP 22 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Central Bank instructed to submit a report on investments of Employees Provident Fund
Mon, Jun 5, 2023, 05:26 pm SL Time, ColomboPage News Desk, Sri Lanka.

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.


ColomboPage - Recent 10 Stories ::
Three wild elephants killed after being hit by a night mail train
-- [7 hours ago]
Providing loan guarantees for the upliftment of small and medium enterprises later this year
-- [7 hours ago]
Colombo Port City investor interest grows as Colombo Port City Economic Commission delivers rapid progress in 2023
-- [8 hours ago]
ComBank conducts hackathon for staff to display problem-solving ingenuity
-- [8 hours ago]
President calls on all Muslims to come together to overcome the nation’s challenges
-- [8 hours ago]
Sri Lankan cricketer Danushka Gunathilaka found not guilty of sexual assault in Sydney
-- [9 hours ago]
First phase of East Container Terminal of Colombo Port to start operations in June next year
PM instructs Provincial Governors to fill vacancies in the province while giving teaching appointments
Sri Lanka’s Colombo-based inflation drops to 1.3 percent in September 2023
Global backing for President’s 2048 Green Economy initiative funding

Copyright © 2000, 2020 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.