Fixing different interest rates for CBSL employees challenged in SC

By Lakmal Sooriyagoda
Parliamentarian Gevindu Cumaratunga yesterday filed a Fundamental Rights petition in the Supreme Court challenging the fixing of different interest rates for the account balance of the Provident Fund maintained for the officers of the Central Bank of Sri Lanka.

The petitioner stated that he found that the rate of the interest fixed in terms of Section 14(1) of the Employees Provident Fund Act No. 15 of 1958 for the year 2022 as 9% whereas the interest rate paid to the members of the Central Bank of Sri Lanka Provident Fund for the same year was fixed at 29.27%.  
The petitioner stated the aim of the Employees Provident Fund (EPF) is to assure financial stability to the employee in the retirement stage of life, to have a contented retirement life and to reward the employee for his or her role in the economic growth of the country.  
The petitioner further stated that he was compelled to file this application as a representative of the people and for the benefit of the members of the Employees Provident Fund holding about 20.99 million accounts.  
The petitioner further said the employees of the Central Bank, being the members of the Central Bank of Sri Lanka Provident Fund have been paid an interest at an unfair and irrational rate of 29.27 for the year 2022.   The petitioner further seeking an order directing the the Central Bank and its Governor to adjust the interest rate payable on the Central Bank of Sri Lanka Provident Fund for the year 2022 at an equitable rate. This petition had been filed through Attorney-at-law Sawani Rajakaruna.