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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » EPF Amendment Bill ?

EPF Amendment Bill ?

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1EPF Amendment Bill ? Empty EPF Amendment Bill ? Wed Jan 18, 2012 3:45 pm

dtnranawaka


Stock Analytic
Stock Analytic
EPF Amendment Bill ?

2EPF Amendment Bill ? Empty Re: EPF Amendment Bill ? Wed Jan 18, 2012 10:28 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
EPF Amendment Bill passed
Wednesday, 18 January 2012 21:09
E-mail Print PDF


The Employee’s Provident Fund (Amendment) Bill was passed in Parliament today with 71 voting for and 12 against it.

The deleted , DNA and TNA voted against the Bill.

The amendments to the Act will enable EPF members to withdraw 30 percent of the amount in their Fund if they have contributed for least for 10 years and have more than Rs 300,000 in their individual accounts.

This money can be used for for housing purposes or medical requirements such as heart surgery, by-pass surgery, treatment for cancer including surgery, kidney transplant or surgery, cesarean operation or hospitalization for not less than 14 days on account of an accident.

A member is entitled to two withdrawals from his individual account.

The Bill also provides for financial allocations from the Fund to be made for the construcation of “Mehewara Piyasa” a new building to be used as a Secretariat Office of the Fund.This has been opposed by the Opposition.

http://www.sundaytimes.lk/index.php?option=com_content&view=article&id=14874:epf-amendment-bill-passed&catid=1:latest-news&Itemid=547

3EPF Amendment Bill ? Empty Re: EPF Amendment Bill ? Wed Jan 18, 2012 10:31 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

The proposed amendments to the EPF Act....


An Act to amend the Employees’ Provident Fund Act No. 15 of 1958

Be it enacted by the Parliament -of the Democratic Socialist Republic of Sri Lanka as fellows,:

1. This Act may be cited as the Employees’ Provident Fund (Amendment) Act, No. of 2011.

2. Section 3 of the Employees’ Provident Fund Act, No 15 of 1958, (hereinafter ‘referred to as the "principal enactment") is hereby amended by the insertion immediately after subsection (1) of that section, of the following new subsection:-

"(1A) Where an employee becomes, a member of the Fund established under subsection (1), the Commissioner-General of Labour shall assign an identification number to such employee and employer in the prescribed manner."

3. Section 5 of the principal enactment is hereby amended in subsection (1) of that section as follows :—

(1) by the insertion immediately after paragraph (e) of that subsection, of. the following new paragraph "(ee) may invest according to such terms and conditions as may be prescribe such amount of moneys of the Fund winch may become necessary for them construction on any land, purchased for that purpose or belonging to or held by the Fund, of a Secretariat on behalf of the Employees’ Provident Fund, for the use of the Fund;" and

(2) in paragraph (ff) of that subsection, by the substitution for the words "account, for a period not exceeding six years prior to the date of such transfer, and" of the words "account and".

5 4: The following new section is hereby inserted immediately after section 23 of the principal enactment and shall have effect as section 23A of that enactment:—

23A. (1) Every member of the Fund who

(a) has made contributions to the Fund for a period of not less than ten years;

(b) is presently employed; and

(c) possesses not less than three hundred thousand rupees to his credit in his individual account,shall, for the purpose of

(i) housing; or

(ii) medical treatment,

be entitled to withdraw such amount as, does not exceed thirty per centum of the amount lying to his ,credit in his individual account,

(2) A member of the Fund who subject to the provisions of subsection (1) makes a withdrawal from the amount lying to his credit in his account, shall upon the completion of a

period of ten years from the date of such withdrawal, subject to the provisions of paragraphs (b) and (c) of subsection (1) be entitled to make a second withdrawal of such amount as does not exceed thirty per centum

from such account for any one of the above purposes.

(3) Every member s hal 1, during the period he is a contributor to the Fund be entitled to only two withdrawals from his individual account.

(4), For the purpose of this section –

"housing" includes,

(a) the construction, of a house on a land belonging to a member;

(b) the purchase of a. land for the construction of a house;

(c) the purchase of a house;

(d) the redemption of a mortgage on housing property; or

(e) the settlement of an outstanding balance of the housing loan received from the approved bank,

by such member; and

"medical treatment" includes –

(a) heart surgery;

(b) by-pass surgery;

(c) treatment for cancer. including surgery;

(d) kidney transplant or surgery;

(e) cesarean operation; or

(f) hospitalization for not less than fourteen. days on the account of an accident.

(5) A member of the Fund, his or her spouse and his or her children shall be entitled to the medical treatment referred to in this section.

(6) The Minister may appoint, by Order

published in the Gazette different dates for the bringing in to operation of the provisions of sub-paragraph (i) or (ii) of subsection (1).".

5. The following new section is hereby inserted immediately after section 24 of the principal enactment and

shall have effect as section 24A of that enactment:—

24A. (1) The Commissioner-General of Labour may establish an insurance scheme and a pension scheme as the case as may be for the benefit of the members of the Fund subject to

such terms and conditions as may be prescribed.

(2) Every member of the! Fund who wishes to join the insurance scheme or the pension scheme or the both schemes, shall be required to contribute the prescribed amount.".

6. Section 31A of the principal enactment is hereby amended, by the substitution for the words "at the rate of one per centum" of the words "at the rate of two per centum".

7. The following new section is hereby inserted immediately after section 31A of the principal enactmentand shall have effect as section 31B of that enactment:—

31B. It shall be the duty of every employer having in his employment a minimum of fifty employees to furnish a monthly return containing such particulars as may be prescribed, to the Commissioner-General of Labour with a copy to the Central Bank not later than the end of the succeeding month.".

(Cool Section 37 of the principal enactment is hereby amended, by the substitution for the words "fine not exceeding one thousand rupees", "term not exceeding six months" and "fine not exceeding fifty- rupees for each day"

of the words "fine not exceeding twenty thousand rupees", "term not exceeding twelve months" and "fine not exceeding two hundred rupees for each day" respectively.

9. Section 46 of the principal enactment is hereby amended in subsection (1) thereof by the insertion immediately after paragraph (a) of that subsection of the following new paragraph;

"(nn) in respect of the procedure to be followed in granting housing benefits and benefits relating to medical treatment;".

10. In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=42572

4EPF Amendment Bill ? Empty Re: EPF Amendment Bill ? Thu Jan 19, 2012 2:08 pm

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Is there any proposed amendment regarding EPF investing in CSE? Does any body know?

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