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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » EPF beneficiaries can utilise 30 percent of savings

EPF beneficiaries can utilise 30 percent of savings

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Teller

Teller
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Speaker Chamal Rajapaksa presided when Parliament met at 1 pm yesterday. After the presentation of papers and oral questions, the House took up the regulations under the Employees’ Provident Fund Act for debate.

Justice and Labour Relations Minister Wijayadasa Rajapaksa:

I present the regulations under the Employees’ Provident Fund Act. The Employee Provident Fund Act No. 15 of 1958 was brought as an important social protection scheme with the purpose of giving a helping-hand to retiring life of private and semi-government employees who are not entitled to pensions in Sri Lanka. Contribution to the EPF is a compulsory retirement benefit scheme with contribution from the employer and the employee. There are two million contributors to the EPF of which the assets have a value of Rs. 1.4 trillion. It is our largest fund. We will take action to expedite providing benefits. These regulations will provide the opportunity for beneficiaries to obtain 30 percent of their savings before they retire. Funds could be made use of to construct houses and spend for medical purposes. Local media

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