Video: Harsha explains on EPF move

9 November 2015 09:47 am Views - {{hitsCtrl.values.hits}} 7 Bookmark

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Dismissing various statements that the proposal to remove the administration of EPF fund from the purview of the Central Bank would create a safety issue, the Deputy Minister of Foreign Affairs Dr. Harsha De Silva today said the proposed move would only ensure more security to the fund.

The Minister told a media briefing that the new move would end the ongoing conflicts of interests.

"Whenever the government borrows funds from the EPF it is done through the Debt Department of Central Bank and the monies are borrowed from a fund which is under the Central Bank itself and these results in a Conflict of Interest," he said.

Deputy Minister Ajith P Perera who elaborated on the administration of the new retirement gratuity fund that would be set up by merging the EPF and ETF said it would be administered by a Board of Directors appointed by the Constitutional Council.

He also said representatives of the employees would also be included on the board of directors.(Yohan Perera and Darshana Sanjeewa)

Comments - 7

Christo Monday, 09 November 2015 03:43 PM

First of all- please tell the public what are the perks going to be enjoyed by these so called board of directors drawn from the funds entrusted to them to manage and in the event they rob and abuse the powers vested like the previous regime did, what are the legal consequence they will have to face.This has to be very clear, else, these political appointees will go to town.

1 30

ANTON Monday, 09 November 2015 04:08 PM

WHY , YOU PEOPLE DONT HAVE ANY OTHER BUSINESS WITHOUT OUR EPF AND ETF , HANDS OFF OUR POOR FUNDS.

3 33

Perumal Monday, 09 November 2015 04:37 PM

Appears to be a good move but could Directors be the pawns of someone (like the securities commission and stock market formerly)

2 21

anil Monday, 09 November 2015 04:44 PM

Is it going to be like a G Key in future ?

2 20

Mason Monday, 09 November 2015 06:34 PM

The EPF was created in 1958 and for the past 57 years. Many change of governments have taken place since and none found any conflict of interest needing a change in administration. How come now !Many workers in Estate sector find it extremely difficult to withdraw the benefits on retirement. It takes years and some workers have died in want awaiting for the monies. If the government would make it easier to get the benefits on retirement, that would be a great service instead of these unwanted changes.

4 27

simon Tuesday, 10 November 2015 06:08 AM

Please do not change make it more efficient.The reason they estate sector is experiencing difficulties for 2 or more reasons. First the employer did not do the needful. Second, initially the employee did not fill the forms correctly and does not have the relevant documents to prove.

0 9

RAVI Tuesday, 10 November 2015 04:38 PM

GET LOSE WITH OUT TOUCHING OUR EPF AND ETF

0 3

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