Letters to the Editor Political slogans against EPF, ETF

3 July 2023 12:06 am Views - {{hitsCtrl.values.hits}} 2 Bookmark

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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

Comments - 2

Kunchithapathan Monday, 03 July 2023 08:22 AM

Otherwise, employees investment is for a very long period and without those benefits EPF would become dead loss. It helps the government immensely to role .

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Ruth Thomas Monday, 10 July 2023 09:08 AM

Could any person in authority think of the plight of senior citizens deposits. First the Government abolishes the 15% interest on the 1.5 million deposits, then we are asked to pay a 5% on the existing deposits and now we have to rely on a interest of 9.5% and 10%. How can a senior citizen in their 70, 80, and early 90s expect to live a return of 30 or 40Thousand a month. most seniors have been able to save only a maximum of Rs.5 million in their working years. Can the Governor not grant some sort of relief to us. There has to be a solution to this problem or are senior citizens not entitled to any relief to live out the remaining years of their lives. Who will look at our plight, Governor? Ruth Thomas .80 year old senior citizen [email protected]

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