EPF, ETF to be brought under new independent body: President

4 October 2023 01:20 pm Views - {{hitsCtrl.values.hits}} 19 Bookmark

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The Government is planning to bring the Employees' Provident Fund (EPF) and Employees' Trust Fund (ETF) under a new independent body, President Ranil Wickremesinghe told Parliament today.

“We are willing to discuss the matter with the Opposition and accommodate their proposals in this regard,” the President said.

“We have to discuss whether the EPF and ETF funds should be allowed to be invested abroad. We think it should be allowed. However, we are willing to discuss the matter with the Opposition.

"The EPF is currently administered by the Central Bank while the ETF is handled by the Labour Department," he added.

Responding to a question by SJB MP Eran Wickramaratne on setting up an independent public execution body, the President said it would be possible.

“We can discuss this matter and implement it if the Opposition agrees to it,” he said. (Yohan Perera and Ajith Siriwardana)

Comments - 19

Save the country from these corrupt politicians. Wednesday, 04 October 2023 01:46 PM

Hard working people will end up old and very poor, while the corrupt politicians will enjoy their stolen wealth in five star hotels.

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Ram Wednesday, 04 October 2023 01:46 PM

At least at present they are managed by Central Bank and Labour Department both government departments. The independent body will have political appointees to mange the funds and I can foresee the results

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The criminal president Wednesday, 04 October 2023 01:51 PM

This is an attempt by the corrupt president and his pohotuwa criminals to remove transparency and accountability from these funds. Once they are invested elsewhere it can vanish into thin air and they can blame market forces.

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Dee Wednesday, 04 October 2023 02:27 PM

All this time the comments were that EPF/ETF coming under the central bank and ministry makes it disappear! Now that a independent body is proposed- that will also gets comments such as being robbed etc. What do people Want? EPF/ETF to be run by pawn brokers?

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Sam Silva Wednesday, 04 October 2023 05:27 PM

Your sarcastic comments on this topic makes you one of them.

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Sivalingam Wednesday, 04 October 2023 02:52 PM

Arjuna Mahendran and Nandalal could be in charge of that body.

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Kandiah Balendran Wednesday, 04 October 2023 02:54 PM

Nandalal has already robbed the EPF while not touching other Bond holders. Nandalal was the deputy of Arjuna Mahendran during the Bond scams.

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Dr. Amila Kankanamge Wednesday, 04 October 2023 02:54 PM

Namal the future president will fix this.

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Man Wednesday, 04 October 2023 03:25 PM

Juggling to plunder conveniently as there is no demand as such by the employees who are concerned of.

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Kevin Wednesday, 04 October 2023 03:28 PM

Only truly independent when govt has no control over it. The members elect the governing board. Members have the right to determine their portfolio and how it is invested. Members have the right to replace the governing board.

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sam Wednesday, 04 October 2023 04:12 PM

This should be a pension fund under a gov dept. Independent can easily be robbed.

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Bandu Wednesday, 04 October 2023 04:17 PM

#Dee : Comments were that EPF/ETF coming under the central bank and ministry makes it disappear is certainly true. Now that a "independent" body is another way for things to disappear as the President may appoint his catchers (Arjun Mahendran may be) like the five members appointed by him to On Line Safety bill. Nothing is independent of political patronage in SL where we have "impartial" inquiries..

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Lalindra Wednesday, 04 October 2023 05:34 PM

This man was singularly responsible for the bond scam. Can EPF/ETF be entrusted to him with trust?

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sam Wednesday, 04 October 2023 07:32 PM

Clearing the way to loot

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Andare Wednesday, 04 October 2023 10:27 PM

To say that some Body set up by this Government is "INDEPENDENT" is a big joke ?

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Sambo Thursday, 05 October 2023 07:51 AM

The IMF medicine has started it's effect.

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Terrence K Thursday, 05 October 2023 08:09 AM

The government is trying to wash their hands off maintaining the EPF and ETF accounts. By setting up an Independent Authority some of the guarantees given to the Unions consequent to the Optimization of the Debt Restructuring Programe will be on hold. Also moving of these funds to an offshore account could cause a greater risk like investments made on the Greek Bonds. Today politicians make decisions which may endanger the funds earned by the employees of this country which is the only fall back for their fading years. These politicians in the future years will not be living and any calamity to these funds the new generation of politicians will absolve themselves and say that these stupid decisions have been taken by legislators of the past as we have a clear history ie bankruptcy, fertilizer program etc. where no one is responsible and accountable. Look at some of the finance companies where the depositors some of whom committed suicide and others languishing in poverty!!!!

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Ginidara Pala Thursday, 05 October 2023 11:06 AM

Bambuwa! You did this for 50 years - where the country is now! People saw your abilities with that foreign interview!

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Investing in US government bonds better than local government bonds Thursday, 05 October 2023 03:02 PM

Biggest issue is how to get trustworthy board and specialists for the investments. Central Bank is total failure for increasing value of EPF, and anyone from there should be excluded from the board. Having overseas oversight over the board might be good too. And if investing overseas, it must be done with markets being none the wiser, so get better prices, but if Sri Lankan involved, there will be trading on the inside information.

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