3 July 2023 12:06 am Views - 400
With the restructuring program, Governor of Central Bank and Government has confirmed that there is no impact for the existing members’ balances and assured to release the fund on claim by members. Also guaranteed 9% annual interest to be paid within next two years and decide the interest rate according to the investment returns of future years.
The EPF fund gives 9% annual interest to the members and no other benefits granted for last six decades, except Housing Loans against the members’ account balance. There are no more benefits to the EPF members other than the interest and ultimately, they are getting only the contributed amount and accumulated interest.
Political parties or unions are not fighting to obtain additional facilities to the members and they just want to stabilize their political slogan for future elections. Even though fund is restructured or not, the members are getting only annual interest and no additional gratuities even at the end of a longer membership.
Hence, if the GoSL and CBSL is assured to pay the contributions and accumulated interest at the end of age of 55, the political slogans are no more valid.
However, ETF Fund gives some more benefits to the members such as Death Benefit, Permanent Disability Insurance Cover, Heart Surgeries, Ocular Lens Implant, and Scholarships for Year 5 and A/L passed students, Low Interest Housing Loans, Kidney Transplants etc.
N. Nimal